Transport Menu
From Audacity Manual
Play
Standard-speed playback. If a region of a track is selected, only that selection will be played. Otherwise, playback begins wherever the selection cursor is. Same as clicking the Play button in the Control Toolbar.
Loop Play
Plays the selection over and over again. Same as holding the SHIFT key while clicking the Play button in the Control Toolbar.
Pause
Temporarily pauses playing or recording without losing your place. Same as clicking the Pause button in the Control Toolbar.
Stop
Stops playing or recording immediately. Same as clicking the Stop button in the Control Toolbar.
Skip to Start
Moves the cursor to the beginning of the project. This is useful if you want to play everything, or record a new track starting from the beginning. Same as clicking the Skip to Start button in the Control Toolbar.
Skip to End
Moves the cursor to the end of the project. Same as clicking the Skip to End button in the Control Toolbar.
Record
Recording begins on a new track at either the current cursor location or at the beginning of the current selection. Same as clicking the Record button in the Control Toolbar.
Timer Record ...
Brings up the Timer Record dialog. You can set a date and time to begin recording, a date and time to end recording, or record for a given length of time.
Append Record
Starts recording at the end of the currently selected track(s). Same as holding down the SHIFT key while clicking the Record button in the Control Toolbar.
Overdub (on/off)
Toggles the Overdub option in the Recording Preferences dialog.
Software Playthrough (on/off)
Toggles the Software Playthrough option in the Recording Preferences dialog.
Sound Activated Recording (on/off)
Toggles the Sound Activated Recording option in the Recording Preferences dialog.
Sound Activation Level...
Sets the activation level for sound activated recording. See the Recording Preferences dialog for details.