From Audacity Manual
Multi-Tool mode on the Control Toolbar lets you access all five tools on this toolbar at once, depending on the location of the mouse and the keys you are holding down.
To use Multi-Tool Mode, press the 
button on the Control Toolbar or hit F6 your keyboard:
Multi-Tool automatically selects one of the five tools on the Control Toolbar in response to mouse moves and key presses. The mouse cursor changes to show which of its functions is currently available (the cursor will appear like the button for the relevant tool on the toolbar).
- Selection Tool is available when the cursor looks like an "I" with a top and tail. You can click in the track and draw selection areas.
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- Envelope Tool is made available by hovering the mouse over the waveform at either boundary between light and dark blue. The cursor then changes to an upward and downward pointing white triangle. Click and drag with the mouse and then use the envelope tool as you would as a separate tool.
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- Draw Tool is made available by zooming in to close to sample level, and hovering the mouse close to the line joining the individual samples. The cursor then changes to a pencil.
- Zoom Tool operates as it normally does when separately selected. Hover the mouse over the vertical ruler to left of the waveform and the cursor changes to a magnifying glass with a "+" symbol. Left-click to zoom in or right-click (CTRL - click on a Mac) to zoom out.
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- Time Shift Tool is made available when you hover over one of the drag bars at the left or right edge of the waveform. The cursor will change to <--->. To shift the track, hold down SHIFT and drag with the mouse in either direction.
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