Premiere Tip: Using subclips
One of the things about the old Premiere 6.5 and earlier was the lack of ability to create clips from larger clips. We would mark an in and an out and take it to the timeline. That instance of the clip on the timeline was the only reference to that piece of video in the project. If I needed it again, then I would have to recreate the in/out or copy and paste the instance to the timeline again.
Now, with Premiere Pro starting in version 2.0 and later, we have the ability to create a subclip. This is a virtual instance of the clip that exists within the project folder as opposed to the timeline. The advantage of this is multiple. Not only can you easily reuse the clip by dragging it from the project panel to the timeline, but you can also have the ability to edit it. The graphic below should spell it out for you.
Bottom line – if you’re editing from a single 60 minute clip (a DV tape for example), then wading through the assets by using subclips is a terrific way to go.