1. Select and copy the range of the media with the Range selection tool, open a new song and paste it in.
2. Select all of those clips in the new song and bounce them (Ctl+B) to make them independent files.
3. Go to the browser Pool tab and right click "Remove Unused Files" but DO NOT check "Delete Permanently".
Rinse and repeat for every section from the original longer song that you want to do that for.