Slip Editing Video in the Timeline in Photoshop

After trimming the in and out points of a clip, you may need to display a different area of the clip, while changing neither the location of the clip on the timeline nor the duration of the clip.. To do this, Option + Command -drag (MAC)  | Alt + Control -drag within the thumbnail area of the clip on the timeline.

To see this in action, here is a video from Meredith Payne Stotzner at Adobe.