Sure. Use the start-end button in the re-author tab. It looks like this.

First, click on the re-author tab, select the movie title and drag it to the left. click on the resize button and select the begin/end frames. The only drawback is that is jumps in 15 frame increments. Hit backup, and make sure you're outputting to a directory, not an ISO file. The resulting vts_01_1.vob file is the extracted movie clip. That's it.