Just got VV4 a couple of days ago , so far the capture process couldn't have gone more smoothly. But the thing is I can't find a way to select and cut a part of any clip. I just ordered the Douglas Spotted Eagle book but i'd like to toy around with VV a little bit before it arrives.
Drag the clip on the timeline, put the cursor where you want to cut or split the clip then press the "S" key. That will split the 1 clip into 2 clips. If you wanted to delete a section of a clip just Split it at the beginning and the end of the part you want to cut out, then delete the part you want to cut and drag the 2 clips together on the timeline.