While I was chatting (read arguing) with my friend last night, this tutorial came to my mind .. This cant be published in the magazine now I think .. but still .. wil contribute to some people ..
Btw .. S#### I know you are reading it .. Now say what ..??? 
Cutting a portion of Video file using VirtualDub
This is a very useful feature of VirtualDub. With it you can extract a portion of a movie and save it. It is very easy to do it. To extract a portion of video from a movie file, just put the movie cd in your cd drive, and Open VirtualDub. Here we are going to just extract the movie file and are not applying any compression to it. To enable compression, you will need Video codecs like XVid or Indeo ( I am deliberatly skipping them ) ..
Now make sure these settings are applied in VirtualDub settings:
VirtualDub > Options > Preferances :
OutPut color depth = Match Display Depth
Display = Use DirectX for displaying panes.
VirtualDub > Video > Compression :
Uncompressed RGB / YCbCr
VirtualDub > Audio > Directstream Copy
So, after the options are saved, time to select the portion that we want to extract.
Just move the slider of TimeLine until you reach the starting point of the scene you want to extract.
Press [Home] Key on your Keyboard to mark the start position of selection.
Now move the slider until you reach the end position of the scene you want to extract.
Press [End] key on your keyboard to mark the end position of the selection.
Now do like this:
File > Save as AVI or Press F7
In the Save As dialog box, give the address where you want this file to be saved, hit enter .. You are done.
..
Extracting a song from a movie CD using :
To extract a song (audio portion), we will use VirtualDub.
First open the movie file in VirtualDub and in the Audio menu, make sure Direct Stream copy option is selected. So, after the options are saved, time to select the portion that we want to extract.
Just move the slider of TimeLine until you reach the starting point of the song you want to extract.
Press [Home] Key on your Keyboard to mark the start position of song.
Now move the slider until you reach the end position of the song you want to extract.
Press [End] key on your keyboard to mark the end position of the selection.
Now click on File > Save Wav and enter the location where you want to save this file as Temp.wav. As WAV files are uncompressed format, this will be a huge file but dont worry, you can convert this file to Mp3 using encoders like RazorLame easily.