You can cut portions of audio out. Here's how:
1. In the Record & Edit View place split points on
either side of the section you want to remove. Do this by clicking on the gray
bar below the wav form.
2. Now go to File | Save Pieces. Take the check out of the
section you want to remove. Save the others.
3. In the Make Audio CD View, drag the two sections to the edit window. Make sure the View is set to Timeline. If you want this to be one track, click on Track 2 and drag it off the screen. Now burn your CD.