Select a range of time on the timeline

We need to provide a simple point and click (or click and drag) way to select a range of time on the main timeline. Upon clicking on the time-scale, it should stop the video, move the tractor to the mouse position, and then allow the user to move the cursor to the right. While dragging the cursor to the right, the timeline should have a semi-transparent rectangle cover the selected range of the timeline.

There are 2 important uses of this feature:

1) Exporting just a small section of the overall timeline
2) Previewing a small section of the timeline