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Hey, thanks for endorsing the book, Tim! Have you seen my latest, for version 7? The answer is in there.
But, for any version, it's as simple as going to File/Export/Movie (with the timeline selected) and outputting a DV-AVI of the clip you want to re-use.
Then it's as simple as importing that AVI into your other project(s).
DV-AVIs are the universal language of PC-based video editors, by the way. The perfect balance of size and quality, so you should see virtually no quality loss.
If the editing has been completed in the first Project(s), you can Export>Movie (as DV-AVI) and then Import that into the next Project. If your Timeline has several "Clips," that you would like to use as individual Clips, you can use the WAB (Work Area Bar) to Export just the section that you want. Otherwise, you can Export the entire Timeline as one file.
Note that any Transistions that have been added will appear in this Exported Clip.
Bill and Steve...thanks for the tips. Glad to hear there is little/no quality loss in the process.