1. Click on the timeline at the beginning of the region you want to cut. The Now time now sits at the beginning of the region.
2. Go Edit > Select > All (or type Ctrl-A) to select all tracks.
3. Go Edit > Split (or type “S”) to split all tracks at the Now time.
4. Click on the timeline at the end of the region you want to cut, then repeat steps 2 and 3 to split all tracks at the new Now time.
5. Draw a marquee around the region defined by the two split points.
6. Go Edit > Cut (or right-click within this region and choose “Cut” from the pop-up menu).
7. When the Cut dialog box appears, check “Events in Tracks” and “Delete Hole,” then click on “OK.”
8. The selected regions will disappear, and the region that starts at the later split will move over to the left so it butts up against the first split.
--If you check “Shift By Whole Measures” in the Cut dialog box, the region that starts at the later split will move left to the closest measure after the first split. For example, if the first split occurs on a measure boundary, the region will shift left to that boundary. If the split occurs a quarter note before a measure boundary, the region will still shift left to that measure boundary.