You can split, cut, silence add effects to certain parts in your recorded mix or even import a track to do the same. I don't really use it for anything else...but to record my sets with. very good piece of software for nothing!
audacity is awesome!! I'll often use it to for final touch ups for studio mixes that I do.. If the eq is sounding a bit off on one section i'll cut it out to another track and use the graphic eq to sort it out - works a treat!! But yeah stick with it, its a pretty powerful piece of software once you've got the hang of it