Start and stop capturing while video is playing I have a long video that I am trying to shorten.  I want to be able to play through the video and, while it is playing, select the points at which I want to start and end my clips.

I want to do this for multiple clips until I play to the end of my video without having to stop.  Some of my clips will be very short shots so it needs to be fast enough for that.

In the end I should have a shorter version of my video composed of all the pieces I've sliced.  This way I can quickly achieve a first draft of my edited video.  Later I can slowly improve it and fix all of my mistakes.

I would like to know how to do this with Premiere. If it is not possible, do you know any other editing software that can do this?
There are two main way I can think of to do this, the first, which requires a little work after the fact, but certainly won't interrupt your play back, is to set marker points as you watch through the timeline.  Put the entire video in the timeline and then use the M key to place timeline markers at each point you wish to make a cut.  After watching through, you can place razor cuts on each marker and ripple delete every other section.

The other option, which I'm not sure if it will work without interrupting playback or not, is to set in and out points using shortcut keys.  I will set an in point, O will set an outpoint and Ctrl-K to add the edit to the timeline.  If that does end up interrupting playback, there is one other option that might work indirectly.

You could also try using a multi-cam edit with nothing on the second track.  This would let you monitor what is on your main playback and you could cut to and away from it whenever you like.  At the end you would just have to remove the empty space and get rid of the other track.