premiere pro cs6
Razor Tool for Splitting or Deleting Part of a Clip
If you want to split a video or audio clip in two or remove a segment in the middle of a clip (such as eliminating a sound gap in your audio), you can use the Razor tool to split or slice out a segment of a clip.
It's called a razor because in the traditional film editing process a tape was literally sliced with a razor blade to remove unwanted pieces of the film or rearrange segments of a film.
To do these cuts in Premiere, in the Tool palette click on the Razor tool, which is an icon that looks like a little razor blade (or press the C key on your keyboard). Your cursor will change to a small razor icon.
Then just click on a clip at the point where you want to cut it. Or cut the clip multiple times to create a segment in the middle that you can remove.
Then click on the Selection or arrow tool in the Tool palette (the keyboard shortcut is the V key) so you can select one of the segments to move it or to delete it (by pressing the delete key).