How to best cut up video data?

Got about 4GB of MPEG2 from recording tv the other night. Want to cut out the bit I want to keep. What´s the most effective way/software for this?

Danke

VirtualDub should do the trick when coupled with VirtualDubMod:

http://www.virtualdub.org/
http://www.afterdawn.com/software/video_software/video_tools/virtualdubmod.cfm