Creating stand alone 1 min. snippets from hour long video

How can I copy/save short sections of a long piece of video to create standalone soundbites?  So far only workaround I can figure out is to duplicate the entire long piece each time and cut off all but the 1 min. part I need, again and again for versions 1, 2, 3, etc.  Hoped I could duplicate just one clip and it would show up in assets, but no.  Advice/tips?