Lately, I've been cutting a LOT of voice overs and really wanted a way to cut them (removing the mistakes) without reaching for the mouse. Here's what I do:
01) Load your VO into a separate sequence. Size it up with Option + or - (to zoom in or out) and then use Shift + T to make the tracks a nice big height.
02) Hit Command + Option + W to turn on waveforms.
03) Start playing the sequence. When you get to the beginning of a mistake tap Control + V to add an edit. Play until the end of the mistake and again tape Control + V to add another edit.
(Don't forget you can scrub around the timeline with the J K & L keys. Tap them multiple times to speed up or slow down playback. Tap K to stop playback)
04) Tap the Up Arrow to go to the beginning of the clip with the mistake. Tap X to highlight the mistake. Or you can just tap Left Arrow so you're one frame into the clip you want to remove. Basically, the playhead must be over the clip you want to delete for X to highlight it.
05) Hit Shift + X to Ripple Delete the mistake.
06) Out of habit I save a lot.
What I can't figure out, yet, is a way to scroll the timeline without using the mouse.