Nonrigid image registration techniques using intensity based similarity measures are widely used in medical imaging applications. Due to high computational complexities of these techniques, particularly for volumetric images, finding appropriate registration methods to both reduce the computation burden and increase the registration accuracy has become an intensive area of research. In this paper, we propose a fast and accurate nonrigid registration method for intra-modality volumetric images. Our approach exploits the information provided by an order statistics based segmentation method, to find the important regions for registration and use an appropriate sampling scheme to target those areas and reduce the registration computation time. A unique advantage of the proposed method is its ability to identify the point of diminishing returns and stop the registration process. Our experiments on registration of end-inhale to end-exhale lung CT scan pairs, with expert annotated landmarks, show that the new method is both faster and more accurate than the state of the art sampling based techniques, particularly for registration of images with large deformations.