Takes are so named because of the original use where audio is recorded sequentally, one on top of the previous. Take 1, take 2, etc.
In Vegas a Take is a timeline event (media) that shares the same space as another event. You only see the active take, which is the one presently on top. Whatever FX or attribute changes you make to the active take are also applied to the other takes in that space. You can toggle through all the different takes with the T key.
As for cutting your media on the timeline, position the cursor, then hit the S key to split it. Trim the in and out points by hovering over the event edge ’till you see the trim tool, then drag.
Gary Kleiner
Learn Vegas and DVD Architect
http://www.VegasTrainingAndTools.com