From the manual:
Range Tool
The Range tool is used to select a range, or area, within Events. Click on the Range tool button or press [number 2] on the keyboard to select the Range tool.
To select a range within an Event, using the Range tool, click-and-drag over the area to be selected; a gray box is drawn over the target selection area. Release the mouse button when the box is drawn over the range of the Events you wish to select. The range you have selected is now treated as a single, consolidated Event. Clicking once with the Range tool on a Track moves the play cursor to that location.
For instance, you can use the Range tool to select the content of several Audio Events across multiple Tracks in bar 12, and then use the Arrow tool to move that section of audio to bar 14. Another common use of the Range tool is to quickly select and delete a range of audio within an Event, rather than using the Split tool to make two splits, then select and delete the section with the Arrow tool.
When you float the mouse cursor over a selected range, the Arrow tool temporarily appears. This makes it easy to quickly select and edit a range of Events.
To select multiple, non-contiguous ranges across any Event, on any Track, hold the [Shift] key while using the Range tool. Continue to hold [Shift] and use the Arrow tool to select whole Events. For instance, when using the Arrow tool, if you press and hold [Ctrl], you get the Range tool. Press and hold [Ctrl] and [Shift] to select multiple ranges, then continue to hold [Shift] but release [Ctrl]; now you have the Arrow tool and can select whole Events. All of your selections remain selected.
To split an event in half without reaching for the Split tool, double-click at your chosen split point. Double-click a selected range to split the Events in that range at the left and right borders of the range.
