I also use CEP 2.0, and what you're asking for is very easy to do.
To trim the begining or end (or any part of a track) first you must select the track that you want to trim in multitrack view. Then go into track view by pressing the track view button (a button just under the file menu). Then all you do is use your left mouse button to highlight the section of the track you want work with, just like you would higlight text in a word processor. (Place the cursor between the left and right channels so that you get both sides.) On the top and bottom of your highlihted field will be 2 yellow triangles that you can move around until it's exactly where you want. Use the play or repeat key to listen while you adjust.
After you have exact section highlighted, press the "delete selected portion" key, which is the third from the left on the second bank of buttons at the top. It looks like a lower case handwritten letter "e."
To add an effect, hightlight the selected portion as I said before, and then go to effects and add whatever effect it is you want to that section. Although if you're going to add some echo to one word I would suggest this: Highlight the section and then choose "copy to new" under the Edit menu. Go back to multitrack view and insert the new wave in the correct place on the next free track. Then you can use the FX buttons at the left of the track to add whatever effect it is you want. And use the volume envelopes to cut out the word from the original track, so you'll only hear the effected track. This way, you can always change it later if you don't like it. If you just add the effect to the raw vocal track, once you save it, it will be there forever.
