I am looking to extract parts of different dvds....Is there any way to do this with DVD shrink? I am also looking to copy some dvds with no chapter stops, and then put chapter stops in them....is that possible with DVD shrink too? It seems like it should, but I can't figure out how...

Have you checked out the unofficial DVD Shrink forums?

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.