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I'm not 100% this will work but I am quite certain.
If you've ever played Dead Island you will notice that whenever you hit a zombie for a critical hit, you will enter a slow motion phase then once the zombie is killed the timescale goes back to normal, well, I've tried to make it as possible as I could for WaW.
This is a .cfg script, if you want it for a menu (.gsc modding) ask Blackstorm or Karoolus 
I know the may not work, as said before but I've tried to think of all the things I need to do while taking my dog for a walk :p
Anyway, your buttons_experimental needs to look like this:
bind BUTTON_RTRIG "exec *whatever you have named your second .cfg*.cfg ; say ^3Whenever I shoot the game turns slow motion :b"
bind BUTTON_LTRIG "+toggleads_throw"
bind BUTTON_A +gostand
bind BUTTON_B +stance
bind BUTTON_X +usereload
bind BUTTON_Y weapnext
bind BUTTON_BACK "togglescores"
bind BUTTON_START "togglemenu"
bind DPAD_UP "+actionslot 1"
bind DPAD_DOWN "+actionslot 2"
bind DPAD_LEFT "+actionslot 3"
bind DPAD_RIGHT "+actionslot 4"
Alright, once you've done that, you will notice this:
bind BUTTON_RTRIG "exec *whatever you have named your second .cfg*.cfg"
This is what we're going to do now, you'll have to rename a .gsc in order to make this work, so rename any to whatever you want it to be called, go BACK to buttons_experimental.cfg and whatever you renamed the .gsc to, put it after the
"exec
Now that's done, go back to your newly found .cfg (the .gsc you just had to rename for the code to work) and delete everything and put this in its place:
bind BUTTON_RTRIG "toggle timescale 0.3 1.0"
bind BUTTON_LTRIG "+toggleads_throw"
bind BUTTON_A +gostand
bind BUTTON_B +stance
bind BUTTON_X +usereload
bind BUTTON_Y weapnext
bind BUTTON_BACK "togglescores"
bind BUTTON_START "togglemenu"
bind DPAD_UP "+actionslot 1"
bind DPAD_DOWN "+actionslot 2"
bind DPAD_LEFT "+actionslot 3"
bind DPAD_RIGHT "+actionslot 4"
After that you should save it and give it a go, what this script actually does is whenever you press R1 It has an obvious bug though, if you have a semi-automatic gun like a SVT or gwhuererurhurr (didn't know the name of it so I decided to give it a spastic name) it will go slow motion, then when you shoot your second bullet it'll go normal, then when you shoot your 3rd bullet, it'll go slow motion and so on.
THIS ONLY WORKS WHEN YOU'RE HOST! I've only just thought about it a bit more, this will only work if your host, if you do it while host, you will attempt to put the game in slow motion and your PS3 will be goign slow motion while the host will no, thus the hosts PS3 will try to keep you up to the normal timescale and it's really spazzy.
To resolve that, you can just bind the 'exec' to another .cfg to circle or whatever you want.
Have fun