From the Edit menu, choose Playlist/Cutlist, and then choose Convert to New from the submenu to create a new sound file that contains the regions arranged as specified in the current playlist/cutlist. The new file will contain the exact sequence of regions you hear when playing from the Playlist/Cutlist window.
Convert to New processes audio only; any video stream in your file will be ignored.
Right-click in the Playlist/Cutlist window and choose Convert to New from the shortcut menu.