Just position the CTI playhead to the spot where you want to slice and then click the Split indicator in the CTI. Create another cut later in the song and you can delete what's in between.
This is one of the basic moves I demonstrate in my free 8 part Basic Training tutorial series for Premiere Elements.
Spannah10 may have to remember to first unlink the audio and video tracks. Select the clip > right click > "Unlink Audio and Video"
I agree with SG's comments and suggestions for what you want to do with your soundtrack.
But, I would add. The track content (video or audio or narration or soundtrack) split will depend on what file on a track that you selected and have highlighted at the time. So, make sure you have just the soundtrack selected before you use the scissors tab on the stem of the Timeline Indicator to cut the soundtrack.
Since you are working specifically with the soundtrack, I do not see where unlinking audio from video is not applicable to your particular situation.
I use my Creative Products--for audio.
I have found with Adobe Premiere Elements 11,
that you want your storyboard files to be as close as possible w/file extension compatibilty.
I once made video's using all the compatible files in a single storyboard.
A couple of weeks ago--I tried a multi-file extension video and it would not complete.
If my project is to have a complicated audio track--I use Adobe Premiere Elements 10.
Sorry that your experiences with Premiere Elements are as described and glad that you found something that works for you.
But, I would suggest that your Premiere Elements problems are in your specific workflow rather than in the generalization that you seem to be painting.
I do not work for Adobe nor do I have relatives who work there. My writing is based on working with Premiere Elements over several versions for my own non commercial purposes including troubleshooting the workflows of others.
If you need help troubleshooting your specific issue, please do not hesitate to write about that. Lots of users here ready to help.