Sure. It's easy.
There's a tool that looks like a little pair of scissors; called the 'Split' tool.
Another tool that looks like a little grid; called the Snap-To grid. This is used to set the Snap-to resolution (to place the Now time marker [the vertical bar that shows the current position in the song] at a more precise point). It's set to Whole or Measure by default, so if you click anywhere in a measure, it will place the Now line on the nearest measure.
You can set the Snap-to resolution to a very small resolution in order to place the Now time where you want it, and to split a clip exactly where you want it.
So, set the Snap-to resolution to 1/16, or 1/32; click the Split tool; click in the track just before the part you want to remove, and just after that part. That will segregate the to-be-removed part into its own little clip. Turn the Split tool off. Right-click the little clip and select Edit>Delete.
Then arm another audio track to record, click the Record button, and record the new part on the new track at the place you want it.
If the new part is already recorded on your hard drive, such as a loop or audio sample, just place the Now marker where the empty spot in the other track is and go to File>Import Audio and navigate to the folder on your hard drive where that audio sample is; double-click it and it should then be rendered into the track at the place where the Now line is.
You can also drag the clip forward or backward if it isn't exactly on time, or use the Process>Nudge command to move it a preset distance.
Wait... I said 'easy', didn't I?
Welcome to the forum.