Edit songs in iTunes?

Is it possible to edit a song in iTunes? I have a couple of live songs I would like trim some excess time off
Is this possible in iTunes?
If no, any suggestions?

Select your song. Under the File menu, choose Get Info. Under the Options tab, you can change the start and stop time down to the millisecond.

Note that this affects playback only, it doesn’t technically edit the track. If you want a permanently edited song file, you can do that also under the Advanced menu, by selecting Create AAC Version after you’ve made the above time changes. (May be different in different versions of iTunes, but there will be something that allows you to save your file as a new edited file.) You will now have both the original and the edited file and can trash the original if you want.

If you want to actually edit your songs then just use audacity. Open up the file in audacity, highlight the area you wish to edit (zoom in for accuracy), and click the cut icon to trim the song and save.

I do this all the time using the method Biffy the Elephant Shrew posted, and for the same reason as the OP. I don’t need three minutes of clapping and whistling between the last song and the encore or after the encore ends.

Thanks guys. Worked like a champ!