If you want to cut and paste sections of a song, you need to understand tempo, bars, and beats. Time is irrelevant, and you don't need to know about it.
Tempo is the speed of the song. A measure of tempo is beats per minute, the more beats per minute, the faster the song. RAMI posted a link to way of calculating beats per minute.
Songs are made up of a bars, each containing a number of beats. Commonly, there are four beats in each bar (but there are endless other possibilities).
You can play your verse, and count the bars in the verse. You can do the same for the chorus.
You can load up your DAW, set the tempo to whatever it works out to be. You can set the arrange page (or whatever it's called) to show a scale of bars and beats, rather than time.
You can turn the metronome on, hit record and play along to the metronome. If you play in time, your verse will start at a bar, and finish at the end of a bar, maybe 16 bars later. You can then copy and paste this wherever you want.