Extracting a clip from a movie
how do you extract a clip from a longer video
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You can just select the clip and hit Delete on your keyboard. The clip will be deleted from the timeline, but the full unedited clip will remain in the Project Media, displayed in the media browser.
If you want to keep the edited clip, do an Edit/Copy of the clip, and then Edit/Paste it into a newly created project. The edits will carry over.
-- Rich