How do you capture video in iMovie '11?

-I have this 1GB of video on my iPhone and instead of transferring the 1GB file over to my iMovie directly, which is time-consuming, I'd like to have my iPhone and Macbook Pro connected, and open iMovie, brings up the Import dialogue from camera, and I want to play the video and only capture certain parts of the video that I have in my iPhone instead of that everything about 1GB file.



Is there a function on iMovie to do that? Say the video is a 20 minute video and I only needed the first 10 minutes from the video on my iPhone, which is connected to my Macbook Pro and on iMovie '11, so to do that, I don't have to transfer all 1GB to iMovie and instead I want to play it on iMovie and only pick out the parts I want.



Can this be done?