Really Potsy? That's not legal so you can fuck off. You do not have license to modify the movie.
I don't need a license to modify the fucking movie. I need a license to modify and distribute the modification. It is legal for me to possess a movie and a modified copy of the same movie that I have not distributed. The person who performed the edit and distributed it did something currently illegal, but I am not doing anything illegal by having both.
Oddly enough, all we have to do is create a fully scriptable movie editor, and even the person creating the modified version would be doing something legal, as long as what he distributes is a script that will generate the modified version from the purchased media. He would, in fact, hold a copyright of his own to that script, completely independent of the movie copyright.
Do I have the legal right to tear pages out of a book I own? Yes I do. I have the identical right to rip scenes out of a movie I own.
Do I have the legal right to rip pages recommended by a friend out of a book I own? Yes I do. I have the identical right to rip scenes recommended by a friend out of a movie I own.