Install the latest VLC player(1.0).
Open player and under option “View” select “advanced controls”.
Now you can see some extra icons available in Vlc interface. The round button is the “RECORD” button.
Open the video/audio file and just click the record button to start cutting.Press it again to stop recording.
After you finished cutting the video/audio clip from vlc,you can find those clip in your “Documents” folder. By this you can save your favorite part in video/ audio clips.