SC Video Cut Split is a great, free program that lets you cut a video file into pieces, and record the pieces you want.
With this program you can capture and save any video sequence, and it also lets you make a frame capture and record it as an image.
It supports the most common video formats (mpeg, avi, wmv, asf), it shows audio and video information on the chosen file, it has zoom tools and records in avi, mpeg and wmv using your own configurations of the codecs that are already in your PC.