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In Vegas, it’s virtually identical to the process HDVideoPro described:
Set your “In” and “Out” markers at the desired locations.
Go to File and select Render As
Down at the bottom of the dialogue box, check the “Render Loop Region Only” box.
Choose a file name and Save.
Repeat for each section you want to separate.
I would definitely recommend downloading the 30-day trial of Sony Vegas Movie Studio. Then just follow the above steps.