Let's say you have one note at the end of a solo you want to put a delay on or even a chord in the middle of a song that you want the delay to repeat a few times and fade out while the rest of the song plays normally.
 
No matter what I try the FX affects the entire track and not just the note/part I want it on. How is this done?

I guess you could do it a number of ways, you could automate the effect on and off at the required time for 1

There are two ways to do this.
 
1) Automation (the best way) 
2) Create a new track with all the same settings (volume, panning, EQ, other effects) and add the FX you want and split the track before the area you want effected and drag it to the new track. 
 
Easiest way...automation.  Easiest way to do the automation...set the track to "Write" mode (the "W") and hit play right before you want the effect to happen. (give it some lead time so you can prepare).  When it gets to where you want the effect to happen, make the change.  When it is past that section, make the change back.  Put the track back in "Read" mode. 

The disadvantage of using automation is if the delay or effect extends beyond the single note and overlaps the rest of the track, when you turn the effect off, the effect stops.  So it is a delay that you want to keep going without affecting the rest of the track, you'll need to do the 2nd step above instead. 

You could also slice the part that you want the effect on and drag it to a new track. Once on the new track extend the end of the clip out so that the effect has extended time to trail off. Right click the clip and choose clip effect and choose the effect such as a delay that you want to use. But clip effects is what you can use. Look in help files for more on clip effects.

Thanks for the info. Looks like splitting it and dragging it to a new track is what's working for me.