Premiere Pro 3.0 Split screen with two video clips
 

Is Adobe premiere pro capable of having a shot with two split screen video's going? I want to have one video with two separate clips playing simultaneously.

If so what is the process called and where could I find the procedure?

Look in the Picture in Picture folder in the effects pallet.

Just put the clips on their own layers, then scale them down as needed. If necessary, use the Crop effect to adjust the size.