Matty is exactly right you can either grab the razor out of your tool pallet then cut the clip where you want it to start and end with out effecting the original clip it's self, then copy and paste,
or, you can just adjust the clip on the time line to exactly what you want by pulling it either direction then copy and paste it
or, if you don't want to stuff the original clip by shortening it or lengthening it, just drop the same clip out of your project panel on to the time line where you won't effect the other clip, manipulate it then copy past
or just pull the same clip to the time line and adjust then drop it where you wanted to paste too anyway
or, or, or
there are at least 10 ways i can think of in Premier Pro to do something of this caliber
trust me, stick to Premier Pro over Vegas any day, Adobe is well better for user interface friendliness, controls, effects, the list goes on and on
maybe not sound, Vegas has Premier on that, but just get Audition, it's up their with Sony's sound forge
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