First a word of caution, Side slipping WITH stalling is called spinning !
Most light aircraft will side slip without problems but you MUST maintain a greater margin above the stall so look for about 10 KTS above the flight manual approach speed ( get the number from the flight manual and NOT any place else).
I rarely disagree with what A&C posts, but do on this occasion. "Most" aircraft won't spin from a gentle stall when slipping as the outer wing is likely to stall first and yaw the aircraft away from a spin. A skid will very much induce a spin as it will turn you into it. Probably not well explained and there are always exceptions and also very ham fisted pilots who don't "feel" what the aircraft is doing. Also, by adding speed you are cancelling out any gain you are trying to get from slipping in the first place.
The only thing to add to A&C and the OP is that side slipping in both directions will slow the overall rate of descent. A decent sideslip can let you keep the field in sight - choose the direction depending upon which side you are sitting and then hold it in as long as necessary - remember that you will be carrying a little more speed as you come out of the sideslip.
??? - No it won't ... Slipping will increase the rate of descent and if you slip correctly and hold attitude you shouldn't have any more speed as you come out of it.
SS