Editing tools?

[Big_D]

For the following, please keep in mind that while I'm not a total noob to digital recording, I'm still pretty green.
My problem (among others ) is that in an otherwise perfect clip, there might be one spike in the thing that I'd like to get rid of. Is there a pencil tool or anything like that where I could, say, shade in an area (such as the spike) and then delete it?

[IIRs]

You can either:

1. Select the clip & zoom in tight. Now split the clip around the spike (by positioning the cursor and pressing "/") and reduce the gain of the "spike" clip in its properties panel. Once the volume is right you can adjust the edit points and / or add a cross-fade to make the transition inaudible.

2. Drag the little "A" symbol from the top-right of the track to that track's volume / pan filter, and choose volume from the list. You can now automate a dip in volume to counter the spike in your audio.

3. Insert a compressor or limiter on the track, or drop one directly onto the problem clip.

4. Wait for T2 and use the Iron tool.