Place the clip on your timeline and then use the Split tool (the scissors button on the Monitor) to slice and remove the segments you don't want.
Doh, thanks Steve
I was clicking the smart trim scissors, not the trim ones !
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Using the same Tools, but a slightly different workflow, you can move the CTI (Current Time Indicator w/ the Edit Line) to where you wish to start cutting out footage, and then hit Ctrl+K to Razor, or Cut. Now, move it to the end of the segment that you wish to remove, right up the material that you wish to keep, and hit Ctrl+K again. The Clip has been separated. Rt-click on that section to be removed and choose Delete and Close Gap. Done, your disgarded footage is gone, and the gap in your good footage has been closed up automatically.
Note: you have only changed the "instance" of your source Clip, the one that appears on the Timeline, you have NOT changed/altered your original source footage in any way. PrE is a non-destructive editor.