Three hours of content can get clunky. You may want to import smaller sections at a time.
Right-click on the content and COPY. Then right-click in an open area of the bin and click PASTE clip. Now you have a duplicate. Leave the master as is.
Click the PV focus to the duplicate, move the preview pointer to the IN point and, under the PV window, SET START.
Move the pointer to the OUT point and SET END. 
That trimmed clip can then be placed on the timeline. Each clip made similarly from a duplicate can be given its own sequence, if desired.
So each becomes a separate file in the bin, incrementally numbered (1), (2), etc. They can be renamed with a right-click | RENAME.
When the project is Saved, launching the VPJ file will restore the project and those files.
They are not, however, separately stored on the PC. You must export the sequences in order to accomplish that.
As noted above, sequences can be exported individually or via via FILE|EXPORT ALL SEQUENCES.
The result is that each event will be a playable file - likely an mp4.
VP is non-destructive. It never alters the source files on the PC.