Acredito que o seguinte é o que você está procurando:
--start-time starts the video here; the integer is the number of seconds from the beginning (e.g. 1:30 is written as 90)
--stop-time stops the video here; the integer is the number of seconds from the beginning (e.g. 1:30 is written as 90)
--repeat repeats current item until another item is forced
Por exemplo
vlc movie.avi --start-time 240 --stop-time 560 --repeat
Fonte: link