An easy way to rotate a clip is to right-click on it in the Media Bin (top-left) and click ROTATE. Then an orientation choice will appear. Choose the one you want.
You can trim the clip in the bin: Drag the scubber (red line) to the start point and click the SET START button. Drag it to the end point and click SET END. Then click the ADD button under the preview window to drop the trimmed clip onto the timeline, where it can be trimmed/edited further. The full-length original clip will remain in the bin.
Or, right-click the clip and PLACE CLIP ON SEQUENCE. Another way: simply drag the clip to the sequence.