Precut is an open-source app I created that lets you use Adobe Premiere to perform culling edits of your source media without transcoding. Its purpose is to reduce the size of your source files. It operates using FCP7 XML files, which Premiere can export. It should also work with other NLEs that can export FCP7, including FCP X if you convert the exports to FCP7 using an app like XtoCC.
Precut Homepage
Demonstration:
Precut Homepage
Demonstration: