Your imported file is in the bin, which is the area at the top-left of the Videopad window. Drag it to the timeline, if it doesn't appear there already.
Drag the red line to the start point of your first desired video and click the scissors icon or Split button. 
Drag the red line to the end point of your first desired video and do another split.
Drag the red line to the start point of your second desired video and split.
Drag the red line to the end point of your second desired video and split.
Now each section is a separate clip - the ones that you want and those that you don't.
Click on a clip that you DON'T want. It appears in the preview window. Press the <del> key. Repeat for each undesired clip.
What's left will be the two clips that you want.
If you make a mistake, press <ctrl-Z> to UNDO step-by-step.
This is but one way to accomplish the task, but perhaps the simplest.
