Yes it is possible. I'm just new but this is one way: Select the area of the item by making a time selection, then dragging within the item within the time selected (using the appropriate mouse modifiers if necessary - I don't know the defaults as I have customized mine). Then use the action "Cut selected area of items" (by defult, Cmd-Backspace or Cmd-Delete, I think). It has taken me a while to get used to having separate Loop and Time selection - I eventually realized that the time selection is an integral part of editing in Reaper, and by having time selection unlinked to loop points, you can listen using your loop, while editing using the time selection. Edit: When you make the cut, later items in the track (or all tracks) will move or not, depending on whether Ripple editing is enabled.