LOL - sorry, yeah. Somehow I read your initial post as if you already knew that you need to use the razor.
Basically, you can just as well press Ctrl + K - that does the trick and is a lot less effort after hours of vidding. This will cut your video on the place where the red marker is. Just, pay attention: It'll cut all the mattes, i.e. possibly the audio file, too... No big deal if you don't drag around the pieces of the file but you could avoid that in securing the audio matte (there's a lock symbol somewhere on the left...)
As for the rest... I guess I could fairly easily give a course in how to use Premiere but it's hard to explain without the program and without knowing what you wanna know.
So, yeah, I'd suggest you try out a bit and you can bug me with questions
Jana
