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Cookbook extract points

Add the two layers in ArcGis
In Analysis Tools > Extract > Clip
Choose the Input Features (the layer in witch you want to extract the poins, lines...)
Choose the Clip Features (the layer witch helps you to cut the other file)

​http://webhelp.esri.com/arcgisdesktop/9.2/index.cfm?TopicName=Clip_%28Analysis%29