I'm not surprised it doesn't work - Audition isn't Sound Forgery!
By defaut, Audition uses the Windows standard convention for cut and paste - Ctrl-C and Ctrl-V, but I'm assuming you know that. If you are really desperate though, you can alter the keystrokes in the Keyboard Shortcuts. Why a Windows user would ever want to do this is beyond me, though. If you're a Mac user, then I don't know what happens.
For the selection itself (i.e. what you actually asked about...) it's Ctrl+Shift plus either arrow. It's worth looking at the Keyboard Shortcuts menu anyway - that way you get to see the bewildering array of other editing possibilities!
Thanks for the response, Steve, but I guess I was not clear enough in my question.
I don't have a problem with the cutting and pasting itself, my problem is with selecting the audio I want to cut or copy of delete. I would like to be able to make the selection by holding down the shift key and using the arrow key to move the cursor along the waveform -- exaclty as I can do when I am typing this post or in any Windows document and like I can do in Sound Forge. If Audition does not follow that Window convention, I understand there's not much I can do about it. I just want to make sure that I haven't missed a toggle or something that would turn that functionality on and off.
Like I said, I can do it using in and out points, but that just requires extra keystrokes. Thanks again for the response, though.