It is not possible to use Raster Tools to subset a dataset; however there is already an easy way to do this in ArcMap. In ArcMap you can use the Feature Selection Tool and select the subset of the data by drawing a rectangle.
To create a new layer of the selected features, right-click on the layer that contains the points and choose Selection | Create Layer from Selected Features.
When you run the Raster Tools interpolation Wizard, the new subset layer will be available in the Source Dataset drop-down menu.
When the Interpolation Wizard is complete, the raster dataset is added to the project.
Created April 12, 2016