As I understand it the name in the bin can only be the actual file
      name. With this version of RexEdit I don't think you can rename
      the clip in the bin without first saving the clip under a new file
      name. You can do this by right clicking on the clip.

      For example: I'm working on a project today where I decided I'd
      just load long sections off the tapes. I'm then placing these long
      sections into the timeline and jog & shuttling around cutting out
      the usable clips and tossing them into the bin. I'm then saving
      the clips in the bin under descriptive file names into different
      directories to categorize them. I have a lot of clips taken out of
      order and this helps organize them. When done I'll delete the
      original long clips.

      I could have just captured each clip off the tape one by one, or
      with the batch capture, but chose to do this to avoid all the
      linear shuttling of the tapes.

      Now, if you want to keep your original 4Gig clips intact you might
      save your clips from the bin as REF files instead of as AVI files.
      This would create a clip file that references your original 4Gig
      file. Yea, this is not as neat as simply renaming the virtual clip
      only in the bin, but it should work.

The process I've been using is fairly easy:
      1. Place the video in the timeline.
      2. Find the beginning of a clip and cut ("separate" in RexEdit
      terms).
      3. Find the end of that clip and cut.
      4. Left click once on the new clip segment to select it and then
      press the right mouse button to display the popup menu. Select the
      "Create AVI file" option. This will allow you to save the clip out
      to disk and will also place your clip in the bin for you.
      5. Repeat steps 2-4 to save all clips.
      6. When done use the NLE software of your choice to edit your
      movie by loading the clips. If you will use RexEdit the clips are
      already loaded. Just right click on the original giant video clip
      and choose "Delete" to remove it from your drive.