-[ctrl] + S
^Strip Silence^ Detect transients and cut out the silence. This is a great tool, because you can specify how much it detects, etc. It's basically a gate, but it actually cuts the audio region.....nnow if only Logic had a quantize audio region command!!! But it's not all too difficult to do it yourself.
I love this feature for doing s
er edits and stuff...also a great tool for cutting out silence in voice overs and stuff and similar tasks.
-[Option] + Adjust MIDI Region Length (Click & drag)
This will time stretch your MIDI region to however much you want.
-Adjust Region to Locators
Simply time stretches your audio region to whatever you have your loop locators set to.