You can't edit songs with iTunes, it's not an editor. All you can do is limit the playback in iTunes - get it to fade early and so on.
These decisions apply in iTunes only, and have no impact in other apps.
If you want to edit tracks for an iTunes slideshow you need to actually edit the files with a sound editor - GarageBand might do it, Audacity is a free one.
Or you can use a different app for your slideshow. Many dedicated apps will allow you to manipulate the soundtrack as well as the visuals. If you want to cut with any precision you'll need to do this anyway.
Alternatives to iPhoto's slideshow include:
iMovie, on every Mac sold.
Others, in order of price: PhotoPresenter $29
PhotoToMovie $49.95
PulpMotion $129
FotoMagico $29 (Home version) ($149 Pro version, which includes PhotoPresenter)
Final Cut Pro X $299
It's difficult to compare these apps. They have differences in capability - some are driven off templates. some aren't. Some have a wider variety of transitions. Others will have excellent audio controls. It's worth checking them out to see what meets your needs. However, there is no doubt that Final Cut Pro X is the most capable app of them all. You get what you pay for.