It's possible to do this using just iTunes. But it's a bit fiddly and would require burning a CD and reimporting using "Advanced > Join CD tracks"
First, set the start time of the track to 0.00 and the stop time to 1.05. Now use the "Convert to ..." function to create a smaller track containing just 0.00-to-1.05.
iTunes: About the Add to Library, Import, and Convert functions
Rename the track "first bit" or something like that.
Now go back to the original track. Change the Start time to 2.07 and the Stop time to the time you want it to stop. Do another "Convert to" to create the second shorter bit of track. Rename the new track "second bit" or something like that.
Put the two tracks in order in a playlist. Burn them to a CD. Now reimport the tracks from the CD using "Advanced > Join CD tracks". They should arrive back in your library as a single track.