Sorry Mate, this is not do-able in CS3 I usually have fingers over shortcut keys, Ctrl+D and move the playhead near the cut points with the mouse and keep slamming the shortcut.
However CS4 looks like it will have this function along with many others we've been crying about for many years. I'm praying that cs4 gets many workflow stuff right and no bugs!
- Jon ;)
How many editors does it take to change a light bulb?
www.jonbarrie.net