If you want a sub-directory that you want to be a website sub-domain, you can effectivelly create a slave site that correspond to the subdomain.
If you want to have both subdirectory and subdomain synonym and avoid duplicate content for google, you can setup the "promo" slave site to be active on both URL
Put in the list of domain the subdomain first and after the subdirectory.
Select that you want to redirect the slave site to the first domain in the list.
So I would create a slave site like
Site ID = promo.xxx.com
Domain = promo.xxx.com
www.promo.xxx.com
www.xxx.com/promo
xxx.com/promo
Redirect on first = yes
Of course, you have also to declare your subdomain in your server.