Several ways, Tom.
Duplicate your mesh.
On the copy, you can use the Split command if the part you want to cut out has straight edges. Repeat until you've cut away everything except the bit that you want.
Or you can use the pet palette's polygon substraction operation to create any shape to cut away... it will take at least two subtractions to leave the bit you want that's in the middle of your existing mesh. (A better description would be polygon erasure, I suppose, to avoid confusion with a Solid Element subtract. The icon has a polygon and a "-" next to it.)
On the original mesh, assuming you want the kept part deleted so that the two don't overlap, you can again use the polygon subtract (or the normal polygon hole technique) and magic wand the border of the kept bit to cut a hole.
Or you can do an SEO on the original mesh as you mentioned vs cutting a hole...
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