Lasareath, the software will help you isolate which 1-min clip the event occurred on but it does not do video editing. For editing like you described the best results will be with a dedicated editor, such as Quicktime Player (Pro).
John I found this piece of software to trim off a section of the 1 minute clips.
GlennD wrote:For those of you powering the camera full time I measured the current drain through the 5V cigarette plug. My unit draws around .06A (60MA) with the display timed off and about .18A (180MA) with the display active. This means that it is unlikely to drain the 12V battery even if left on parked for several days.