When a revolver is equipped, you are standing still and four or more enemies surround you, slow motion will trigger and those enemies will me marked. If you kill a marked enemy, you gain 1 second more slow motion and if you kill a unmarked one, you lose 1 second. Killing enemies when cooldown is active, will decrease the cooldown timer.
Slow motion does not sync to other people. If you are not host, you can not gain or lose more slow motion.