Saving a selection to a new file/Audio repair tips

Hi everyone,

This is actually a two part question:

Part one:
I'm working on an audio file project in the waveform editor that needs major repair and clarification. The file is an hour long with many segments. For easier management, I want to create smaller separate files and work on them individually. Yesterday, I swear I saw an option under the "save as" menu that allowed you to "Save selection as a separate file" but today that option is not there. (Confused and scratching head)

Part two:
This file needs major work to hear the conversation taking place as it was recorded in several noisey environments. I know there are a lot of goodies in STP but since I'm new to audio editing, other than setting a noise print to reduce background noise, adjusting the amplitude and adding some compression -- not sure what else to try. Any other suggestions on what I can experiment with to help clarify this recording?

Thanking you in advance,
Shelleyrae