Welcome to the forum.
If I follow what you want, you can easily Cut the long Clip into very manageable smaller Clips.
There are several ways to Cut a long Clip, and the method that you choose will depend on where you are in the editing process, and how you like to work.
One is to use the Source Monitor and set In & Out Points from that long Clip. You are then creating Instances of that Clip, and can create any number. Just set the desired In & Out Points, and drag that Instance to the Timeline. Go back to the Source Monitor, revise the In & Out Points to create a new Instance, and drag that to the Timeline, butting that up to the previous one.
If you have the long Clip on the Timeline already, you can position the CTI (Current Time Indicator w/ the red Edit Line) as needed, and either use the Scissors/Razor Tool, or just hit Ctrl+K to Cut the Clip. Rt-click on the area that you wish to remove, and choose Delete and Close Gap. Done.
Good luck, and if that is NOT what you want, please clarify, and someone will help you decide how to do what you want.
Thank you for your reply...I think that I can use your suggestion but I was looking for a way to break up my long clips as I am inputting the video into PE. I was wondering if there was a key that I could use to break up the video into smaller more mangeable segments. Something like the space bar...
Check the help file, or download the PDF and search... look for scene recognition
Hitting any other key, as far as I know, stops capture entirely
The program Scenalyzer (from Scenalyzer.com) will break your captured video into smaller clips based on timecode, content or time.