You can edit and cut in 6 seconds clips then in the preview you can save it to your device then it will transfer to your Albums (IOS) and then you can connect to iTunes and download it to your computer and edit.
You can stretch the yellow cut bar to grab much more than 6 seconds. For some reason the one I toyed with limited me to 5 minutes though. I haven't figured out how to avoid adding crappy background music.