Just click and drag to creat a range. You can then adjust the beginning and ending positions of the range. You can also use "I" and "O" to set the in and out points. Finally, you can double-click the numbers below the timeline and manually enter the proper timecodes for the in and out points. I'm sure there are others but these should be sufficient to get you started.

If you need the clip cut at the in and out points, just press "S" to "Split" the clip. You can also press "R" if you need to save the range.