Gospel,
Creating a new WAV with just the part you want is ingenious. But there's an easier way. Just clone the track and slide the new track around wherever you want it. No need to create a new WAV as N will play the same WAV as many times and in as many places as you like.
Dave,
Depending on what type of WAV you're trying to splice, you can get very good results with a couple different methods using N. First, like Gospel said, zoom WAY in (up arrow) to see where the waveform his zero (best place to splice). You can click-n-drag to select areas you want to cut and then press Ctrl-X. N will remove the selected area from the timeline (the original WAV isn't effected, but N won't play that part. Then you can drag the remaining parts around to fill in the gap.
You can also clone the track, fade out one track just prior to the mistake (or whatever you're trying to eliminate) while you fade up the duplicate track. By sliding the duplicate track around (Cntl-click-n-drag), you can line up the duplicate to take over at the same place the original track fades out.
Hope this helps some.
tj