Click on create a new project give it a suitable name and click on create
Add / Import video
Drag the video on timeline and play it to check it
To cut the video on timeline take the playhead wher eyou want to cut the cliip
Or play the video in sequence preview window and pause it where you want to cut the clip
To cut the clip hit C key on keyboard.
Now select the part which you want to remove and hit delete key on keyboard.

Double click on the video in assets section to open it in source window
Drag the marker below the source window to set the in and out points for the clip.
Once done click on replace or insert to get only that part of the video