In each couplet, the second answer is the same as the first except for the addition of one letter. If you collect the five extra letters you will spell a word.

A metal red or man in blue,
A blade that whirs or cuts in two.

A spring in stride, a triple move,
A dream you have, which time must prove.

Make it round, add pounds to excess,
Or squash it down with a heavy press.

Launch with lips, a sharp eject,
Or break apart and disconnect.

A scheme to mask premeditation,
Shake to wake from meditation.