The Edit menu contains the following items:

Cut
Cuts the selected text or MP3 data into the clipboard.

Copy
Copies the selected text or MP3 data into the clipboard.

Paste
Pastes the clipboard

Clear
Clears the currently selected text / item / MP3 data

Select All
Selects all the items in a list, or all the text in a textbox.

Preferences…
Opens Audion's extensive preferences window.