Nope, the name is just coincidence.
Paulstretch is a tool that performs extreme audio stretching. Normal audio shortening / expanding algorithms work by moving frames further or closer in the stream while accounting for pitch. Others do a similar effect while adding reverb. This works for slight alterations, but quickly starts to sound ridiculous with stretches over say, 8%.
Paulstretch uses a special algorithm such that you can easily stretch a 3 minute song into something 10 minutes, 30 minutes, even 3 hours long. The result is an ambient melodic relaxing sound. Feel free to search youtube for paulstretch, you will find many videos of popular songs that have been paulstretched.
Get more info here, and Download here.Wherever you extract it, also place the
libmad.dll attached to this post in the same folder as paulstretch.exe. This will allow you to load mp3 files into it.
Here is an example stretched song, used on an old unfinished track of mine: