Is there any software that will allow a person to extract just a small amount of a song ( a lead guitar riff, etc) and maybe adjust the length of that segment. Then be able to then take all those various segments and put them into a single file?
No. Not easily, once a song is mixed and rendered to two channels there is no way to separate the instruments out. That said, get Audacity and try it yourself.
I didn't mean to extract any particular instrument or vocal...just the song itself, but just a small snippet of it (one line of the vocal, or the lead guitar part) Like physically snipping a portion of the tape and then splicing them back together, so you have a medley of snippets from various songs, but digitally instead. String together snippets of all the greatest hits of a band etc.