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Another way too, is to place the indicator on the timeline (a blue handle with a line running down from it) just at the beginning point of where you would like the video taken out. After placing it right where you want it, look to the left top of the timeline window and you will see about 3 small tools – one of them is a razor. Select the razor and go to the indicator and click once. The razor will make an incision on the video and audio.
Now, move the indicator lower down the timeline (where you’d like to end the video clip) and after placing it there, use the razor again. Now you have cut out a portion of the video (and audio). Add another video track (and another audio track will automatically appear). Click the cut video and drag it upwards and place it on the new track. Now you can move it and place it anywhere you want.