Precut is an open-source app I created that lets you use Adobe Premiere to perform culling edits of your source media without transcoding. The primary purpose is to reduce the size of your source files without any loss of quality. It operates using FCP7 XML files, which Premiere can export. It also works with other NLEs that can export FCP7, including DaVinci Resolve and FCP X if you convert the exports to FCP7 using an app like XtoCC.
Visit the Precut homepage here.