Windows Live movie maker?

Import the video into Movie Maker (convert it if you need to). Click and drag the bar (the thick black line thingy) to the first time, 2:32. Up on the ribbon click on Video Tools>Edit>Split. Now, move the bar to the second time, 3:16. This time will also show on the left side of the timing thing. Click on Split again. Preview the clip to make sure it's split where you want it to be. If you have to make adjustments, use the Undo arrow to go back, move the bar to the time and use the /> and </ keys under the preview window to adjust the bar, frame by frame.

Once the video is split where you want it to be, right click>Remove on the parts of the video you don't want to save. This won't hurt the original video. You can save the edited project: File>Save Project As" or save the edited clip as a movie: On the Home tab, click on Save Movie>Burn DVD. This is a 2 step process and you won't be burning a DVD ...but you will be saving the clip as a high quality movie. When the Save dialog opens, give the clip a diffferent name so you don't destroy the original clip by using its name. After the clip is saved as a movie, Windows DVD Maker will appear. Just Cancel or close it. Done.

Yea... the worst part is where windows deliberately did not put that into movie maker... u have to download windows movie shredder as an attatchment...