Can I edit a movie I purchased on iTunes?

Ok, so I just purchased the 2nd Transformers movie for my young kids to watch. I decided to preview it first before I let them watch it and I decided that there are a couple of scenes that are just downright inappropriate for my 5, 7, & 9 yr old kids to watch.

Before I trash the file I thought I'd ask if it is possible to simply delete a couple of scenes from this movie somehow. I could then burn a disc with my modified copy for their use.

I assume that Apple probably protects the file somehow so that editing is not possible? Or even if it's not, I'd probably need some special software? I have a 2012 I7 13" retina MBP with just the standard iMovie.

Hey, thanks for the tip! I bought that software and it works like a charm. You just drag your iTunes movie into it and Voila!, you get a regular video file. I was able to import that into iMovie and easily cut the scenes out that I disliked.