No you don't, unless you're makeing a parody. You're creating a derivative work in this case, and trying to sell your new artistic creation IS illegal, unless you were explicitly given the rights to do so or the work is in the public domain.Troll. How much more full of shit could you be? Please explain to me how copyright law would restrict the sale of a work when you have made no copy of it.
Perhaps you should read the grandparent's post more carefully. He said he was PHYSICALLY REMOVING the objectionable parts and selling the hacked tape, not making a copy of the content with the parts removed and selling the copy.
The only thing that would prevent selling an altered medium is first the DMCA, and secondly this ridiculous notion that creators have moral rights not to have their works altered in any way and resold. It's like saying it should be illegal for me to purchase a painting, draw a moustache on it, and resell it. There is no basis in US law or case law to support such a claim.