short and full version on same project?

hi again..

I´v made this homevideo projekt off our weding, and off course all the speaches are on..

Is there a way to make a short version were parts of the speaches are left out, using the same timeline as the main clip..? (the thought was to have one button for the full and one button for the short version on the startup menu..)

hope someone can help, (or direct me to a proper tread.. I´v been looking around in the forum but not found anything to help me out (but then again, I use prety strong glasses ;)

~are