1. On the left side of your screen, on the track, you'll see a little green button with "cc" on it, I believe. Click on that, and you'll have other composite options, such as hard light.
For audio, simply place the marker/curser over the clip you want to edit, and press your "S" key on the keyboard ... it'll cut the clip at that mark, and you can slide the audio to either side of the word(s) you want to edit out ... there'll be a noticable gap or dead space, so you'll want to then work on sync'ing up the dialogue so it sounds like it flows, or find a BEEP sound effect, and just place it over/in the same spot ... people will get the idea. Lots of options or ways to do it.