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Shift+select the *clips*, use Ctrl+K to razor the stack at the sequence in point and again at the out point, then right-click any of the selected clips between the in/out points and choose "Ripple Delete".
Thank you for the tip. It works OK when all tracks are continuous. But in my case the audio track one is made of several speech segments with blank spaces between them. And when I want to cut in a point that has a blank space, the Control-K command doesn't works. I cannot razor cut a blank space in my timeline. It's really strange, because I was used to work with an old AVID system and when I wanted to extract a portion of the timeline cutting all tracks, I marked an IN and an OUT point, selected all tracks, and voila, I could extract that portion or lift that portion leaving the space.
Can't I do it with Premiere?
Hit the c key on your keyboard. This will change to the razor tool. Go to your "In" point and do a CTRL+Click. Go to your "Out" point and do the same. Hit v to return to the regular selection tool, then select the clips you want out and delete.
What Jim said.