1. This is simple... I'm playing solos in front of some people so I want to edit the backing tracks. Since the solo may be like 5 minutes into the song, I want to cut out the other 4 minutes and 50 seconds... thats all.

2. I'm a one man band =D. When I record riffs how do I record the solo? If I have 2 guitar parts going on at the same time.. I need to record 1 at a time and edit them together.

the quick way is maybe to download audacity... you can record a part and then record another after it and then when you play in the program they are merged. then just save as mp3 (download some codecs)
you could try overdubbing. You can do it easily in Sound Recorder if you own a PC. All you have to do is make sure the sound files are .wav format.

Cutting the song can also be done in Sound Recorder. All you have to do is go to EDIT -> and then you'll see delete before current position and delete after current position.

Sound Recorder isn't a substitute for a good recording software though, but it will work.
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