Select a song and Get Info (command-I).Click the Options-tab.
Set Start and Stop times. Click OK.
Set the Encoder to the appropriate format in Preferences>Advanced>Importing (e,g, MP3).
Select 'Convert Selection to xx' in the Advanced menu in the menubar.
iTunes will create a new file with the part between the Start and Stop times.
Another way is to use an audio editor like the freeware
Audacity. This makes it possible to cut more precise clips from the songs.
Note: the above does not work with purchased music. Due to the protection, editing is not allowed.
Hope this helps.
M
17' iMac 800 MHz, 768 MB RAM, 200 GB HD, DL burner Mac OS X (10.4.7) iTunes 7.0