Now play the video that you would like to edit. You can keep the portions that you like by recording them:
This will create a new file for each snippet you recorded. After you are done, merge all of the pieces back together by using:
/Applications/VLC.app/Contents/MacOS/VLC file1.mpg4 file2.mpg4 ... --sout "
This will create the all.mp4 file.
For larger streams, you might get an error:
cannot add a new stream (unsupported while muxing to this format). You can try increasing sout-mux-caching value
Therefore, you should specifiy and adjust the following command line option:
--sout-mux-caching 55000