Hi,
For each file, please proceed as follows:
1. In the Record window, create an 'album' in VinylStudio, checking the 'This is a single' box.
2. Click 'Import Sound File' and import your file. Because you have told VinylStudio it's a single, this will automatically create a single track spanning the entire file and name it the same as the album title.
3. Do your cleanup. To fade out after two minutes, drag the red end-of-track marker in the Split Tracks window to where you want the fade out to begin and then click on the 'Adjust Faders' button in the toolbar beneath the waveform display and check the 'Fade out' box. You can then drag the fader around in the waveform display to get exactly the effect you want.
4. When done, save your tracks (well, OK, there's just the one) as normal. You may first want to edit (or at least review) the 'When saving tracks, name them as' field in the Settings / Preferences dialog. Note that there are separate settings for albums and singles. You are working with singles here sop click the right radio button.
HTH. It's easier to do than to describe, actually, once you get your head around it.