code:

                                                                     
                                                                     
                                                                     
                                             
import os.path
import subprocess
import sys

def timecode_to_sec(tc):
    """
    >>> timecode_to_sec('10') == 10
    True

    >>> timecode_to_sec('3:10') == 190
    True

    >>> timecode_to_sec('1:10:10') == 4210
    True
    """
    result = 0
    values = tc.split(':')
    values.reverse()

    for i in range(0, len(values)):
        result += int(values[i]) * (60 ** i)

    return result

def run():
    file = open(sys.argv[1])
    clips = []

    for line in file:
        if line.strip() == '':
            continue

        clips.append(line.split(' ', 1))

    file.close()

    # this is stupid but i'm lazy
    input_file = os.path.splitext(sys.argv[1])[0] + '.avi'
    input_filename = os.path.splitext(input_file)

    for clip in clips:
        duration = timecode_to_sec(clip[1]) - timecode_to_sec(clip[0])
        args = {
            'seek': timecode_to_sec(clip[0]),
            'duration': duration,
            'input': input_file,
            'output': '%s_%s-%s%s' % (input_filename[0],
                                      clip[0].replace(':', '_').strip(),
                                      clip[1].replace(':', '_').strip(),
                                      input_filename[1])
        }

        cmd = 'ffmpeg -sameq -ss %(seek)s -t %(duration)d -i %(input)s -async 2 %(output)s' % args
        subprocess.call(cmd)

if __name__ == '__main__':
    import doctest
    doctest.testmod()
    run()