I'm coming from premiere 6.0. There was a tool that sliced video on the timeline (i think it was a razor). I was just wondering if VV4 has anything similar to that tool. Oh, and let me say what a great piece of software VV4+DVD is.
Put the cursor where you want to "slice" the clip and press "S". "S" stands for "Split". It will split the selected event or, if no events are selected, all events under the cursor.