1. The easiest way I can tell you is cut the segments of the song out that you don't want(highlight and press the scissor button) and just don't paste them back in. I'm sure theres probably a more legitimate way you can cut segments based on the track time, but this method works.
2. IIRC, you can import the shortened songs as additional tracks and cut them together as you want. Use the "import audio" feature in the scroll down menus. Just keep importing until you have all the tracks you need and arrange them in the order you want.