No problem about the encouragement. Its nice to know that my comments are appreciated and are positive.
I use a ripping program called Glarysoft and it allows you to jump to any point on the track by simply clicking on jump and punching in the hour/minute/second. You can also rip whole chapters or the film as a whole.
My first step is to mark out the finish and ending times for each bit of footage I want to use by watching it through a DVD player on my computer and typing the data into a word processor. The second step is then capturing the footage.
The third step is to insert the media into an editing program. I use Ulead Video Studio 8, which isn't a top of the line editor like Adobe Premiere but it does the job. I have the full version which was included on a CD with a magazine.
Then you just go through your footage and make deletions on what isn't appropriate and I then trim clips where needed and mix and match till I get it flowing well. You'll be able to tell if the pacing needs changing.
In the meantime, if you wanted to save money for top of the line editing software, you can just watch films and pay attention to cutting and pacing. Watch docos on DVD's about editing and listening to how editors work with footage and how they perceive pacing and whatnot.
Even if you don't have loads of money you can still do things associated with the skill. Thats what I've done. I only have a medium quality video camera in terms of image but that doesn't stop me from learning how to capture footage and making short films.
I do many other things that are associated with film. For instance I do voice acting. I do stage acting but since I haven't done any for a year, I resorted to voice acting online. So for filmmaking, you can do other things associated with what you want to do, which will help you.
So don't let money be a hinderance, just see it as a way for you to be challenged and find other methods. Afterall, a lot of learning is trial and error!
Hope this helps a little.
I'm no expert, lol but some of what I say is important