I’m a real newbie; more a content and script writer than the sound master. But I do have radio show I record myself.
I frequently find as I replay that there are slips, like an Uh or mumbled word I’d like to replace. But how do I get the cursor to slow down? By the time I hear the problem, the cursor’s WAAAAY ahead? 
Don’t find the timer helps; again it’s zipping along and then I can’t find the numbers again.
If you zoom in/out so that you can see a minute or two on screen, then you can watch the playback cursor while it plays. http://manual.audacityteam.org/manual/help/manual/man/zooming.html
When you hear a blooper, press shift+A. This will stop the playback with the cursor at the place that playback had got up to.
Click on the track just to the left of the playback position, then press Play (or space bar) to start playback (space bar again to stop).
Select a region of the audio track by clicking on the waveform and dragging left or right.
Press spacebar to play the selection - playback will stop automatically when it reaches the end of the selection.
Sounds good. Let me give it a try and see if it works.
You can also use the Transcription Toolbar to slow down the playback - see this page in the manual: http://manual.audacityteam.org/help/manual/man/transcription_toolbar.html
WC