Take a look at Steve Grisettis basic lessons at muvipix - click the word 'here' in the last line of this FAQ entry: Premiere Elements Basic Training
Insanity is hereditary, you get it from your children
Welcome to the forum. Here is a partial list of RESOURCES, for learning PrE, including Steve Grisetti's excellent series, that Neale linked to.
One way to do what you want is to use the Razor/Scissors Tool, to Cut the Video & its Audio, or each end that you wish to remove. When Cut, Rt-click on that section to be removed, and choose Delete and Close Gap.
Welcome to PRE and the the forum.
The most simple way is, import that 2 hr long file. Either by double clicking in media (blank region) or by going to Get Media>Files and folders. Drag that file to the timeline/sceneline.
Play the timeline/sceneline. Pause whenever you want to cut. Keep playing to cut again where you want to stop. The cut tool can be found by the scissor shaped tool or you can also use keyboard shortcut (Ctrl+K on WIN and Cmd+k on MAC).
Then, select that cut part by clicking on it, and right click and delete and close gap or use shortcut Delete/Backspace.