You can select audio as you listen to it by finding the beginning of the audio you want to select, pressing [ (left bracket), listening for the end, and pressing ] (rgt bracket). Then you can cut and copy and paste the audio using normal window scommands, but only when the audio is not playing. You can play and stop the audio with space bar. When audio is selected, spacebar will only play your selection, which is nice so that you know whether you have selected too much. you can move quickly through the audio with shift.period to move you forward and shift.comma to move you back. This works both when the audio is playing and when it is stopped. If you want to move in smaller amounts, take the shift away when pressing the comma and period keys.
