By performing two-wave mixing experiments in a liquid-crystal light valve, optical pulses are slowed down to group velocities as slow as a few tenths of mm/s, corresponding to a very large group index. We present experiments and model of the slow-light process occurring in the liquid-crystal light valve, showing that this is characterized by multiple-beam diffraction in the Raman-Nath regime. Depending on the initial frequency detuning between pump and signal, the different output order beams are distinguished by different group delays. The group delay can be tuned by changing the main parameters of the experiment: the detuning between the pump and the input wave packet, the strength of the nonlinearity, and the intensity of the pump beam.