Edit Menu
 

Undo
Use this if you made a mistake or want to go back to a previous state.  Undoable actions include adding tracks, deleting tracks, moving tracks, sorting tracks, shuffling tracks, renaming tracks, and re-setting a track's volume. More. 
Short Cut: Ctrl + Z
Redo 
Use this if you want to go back to a state before an undo.  Undoable actions include adding tracks, deleting tracks, moving tracks, sorting tracks, shuffling tracks, renaming tracks, and re-setting a track's volume.  More
Short Cut: Ctrl + Y
Cut 
This will remove the selected track or tracks from the Arrange window. The track or tracks will also be placed on the clipboard for pasting if desired.  Relevant textual track information is also copied to the clipboard. 
Short Cut: Ctrl + X
Copy 
This will copy the selected track or tracks from the Arrange window. The track or tracks will also be placed on the clipboard for pasting.  Relevant textual track information is also copied to the clipboard. 
Short Cut: Ctrl + C
Paste
This will paste any tracks in the clipboard into the Arrange window. 
Short Cut: Ctrl + V
Delete 
This will remove any selected tracks from the Arrange window 
Short Cut: Delete key
Select All 
This will select all tracks in the Arrange window 
Short Cut: Ctrl + A
Copy Track Information To Clipboard 
This will copy all textual track information to the clipboard.  This can be pasted into other programs such as a CD labeling software package. 
Show Toolbar 
This lets you toggle the toolbar from being visible to not being visible, and vice versa.