Currently Being ModeratedDec 29, 2012 8:51 AM (in response to jeffskov)
switch in your Projects Settings the Advanced Tools to ON
dragging any material onto an existing clip offers a drop-down menu, incl. CUTAWAY.
Currently Being ModeratedDec 29, 2012 10:39 AM (in response to jeffskov)
If you do want the audio track by itself for use in iMovie or for use elsewhere then:
From the video in your project go to Share and select Export Using QuickTime.
For the Export option choose " Sound to AIFF".For "Where" choose Desktop so you can find it easily.