In Audition 3, a function is missing that I've come to trust from versions 1.5 and 2. You could simultaniously play a section of the wave form while highlighting it. Great help for highlighting the precise area. I've not used my version 3 since buying it months ago waiting for a fix. Who can help?
With Audition 3 (and 2, if I remember correctly) you can use the Scrub tool to locate the precise area of the wave in question. While scrubbed audio is playing, press and hold the Shift key. The entire region from when you pressed the key down until you let the key go will be selected. That's one of the most efficient ways to generate a selection while listening to the audio.