Look at CROP.
I just found it right when you posted! It's under Video Effects > Transform if anyone else is looking for it
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Not sure if you are talking about removing some of the area in the Frame, or Cutting the Duration, to remove some of the Frames.
For the former, one can use Harm's advice, Effect>Crop. Also, the Effect>Garbage Matte will work for certain things too. Another choice would be to use the fixed Effect>Motion>Scale to increase the size of the Video's Frame to larger than the Frame Size of the Sequence, but use this carefully, as quality will suffer.
Now, if you want to alter the Duration (remove Frames), there are many ways to do this. One is to just set the In and Out-Points of your Clip. This can be done in the Source Monitor, or by Click-dragging on the Head and Tail of your Clip to "eliminate" the undesirable Frames. Note: this does not affect your actual footage, but just the instance of it in the Timeline.
Hope that something helps and good luck,
[Edit] You were posting that Harm has answered your question, as I was responding, so you can ignore my comments.
Message was edited by: Bill Hunt - Added [Edit]