2. Click on the View menu and check Advanced Control
3. Select the video you want to cut
4. Press the Record button to cut, or record, the part of the video you want and to stop press the record button to end the cut. This is a little tricky in that it seems to take a second or so to actually start recording after you press the record button. I found that I had to click the button on the word before to get it to start recording at the correct place.
5. The Videos will be automatically saved in the My Videos folder
(Transcribed from "How to Cut or Record Video with VLC Media Player 2013 Exclusive Video HD", DrTheComputer, YouTube Feb 12, 2013)