If I understand you correctly, you would like to cut out multiple portions of the 5 min. clip.
You can do this by:
1. Selecting the clip in the timeline.
2. Choose the multitrim option button just above the timeline.
3. Move the time marker to end of where you want keep.
4. Choose the split function.
5. Move the time marker to point at the end of the part you want to remove. This will give you an additional scene listed on the right.
6. Move the time marker to the end of the section you want to keep and then again, choose the split function. You will have another scene listed.
7. Continue to mark all the scene segments of those to keep and remove.
8 Lastly, click on the segments you want to remove and choose the "trash" button just below the window.
Hope this helps.
Jim Clark