http://imgur.com/FkPhT (Where it says Kuruvi Dandana..etc)
So there is more space for the video in the editing view. I don't need to be reminded of the title on the clip I'm using..
I think my old friend Harm didn't quite understand what you were asking. A rarity for him, so be kind.
No, I do not believe that there is a way to get rid of the name of the clip.
However, if you really want to see more of the frames on the timeline (which I never do anymore, by the way) all you have to do is expand the track. See the image below. You will notice that with the expanded track, the percentage of the clip taken by the title is small enough not to matter.
If you find that your screen is too small to leave the tracks expanded like that, create a special workspace that allows you to quickly move back and forth between the standard expansion, and the stretch out expansion as seen in my image. Assign a keyboard shortcut to the new workspace and you can move quickly between views.
I naturally assumed the OP would have access to the original project. If 27POP wants to edit YouTube material, that has already been compromised heavily, he is out of luck. The title can no longer be removed, in which case his only recourse is to get the original material from the copyright owner.