how to separate a clip from a full video?

say i just want to keep a certain part of a video (ufc fight) and delete the rest, how could i go about this?

 

for all my editing i use power director 5 but you could use any video editing software out there....

 

when i right click on the video it says its an ATI file player file, but the audio is mpeg if that means anything. Is that right?

 

yea i guess thats right, but if you downloaded any editing software its not going to matter they can handle all types of video/audio...

 

so ive got power directer 5 now and my movie is an avi file, so how would i go about seperating specific segments of the movie? thx

 

just cut the parts you would want out.....