just click on the audio track you want to make a cut to highlight the wavform then get the cursor to the start position of your cut and press "s". you should now have a splice cut. Now move it to your end position for your cut and do the same thing. Then just click on the cut piece, keeping the left mouse button down, and drag it into your new track. you could do with "enable snapping" enabled for this part as you don't want this section to be out of sync. it will lock to the beginning of the splice on your first track a lot easier when dragging it down.

Trust me, once you get the hang of editing in vegas you'll never want to touch something as basic as womble again. lol