Welcome to the forums sryder.
Just to expand on what Luke says, you can unlink audio and video on the timeline by right clicking on the video displayed on the timeline and selecting unlink audio and video from the pop up context menu. This will allow you to delete parts of the video or audio only by either moving the in and out points or using the razor tool to cut sections, then highlighting the section and pressing delete. Please note that after you have unnlinked audio and video, you'll need to click somewhere else on the timeline before trting to delete either the audio or the video (otherwise the two items will be highlighted together and you will end up deletig both!)
When I'm working with multiple videos and want to maintain one audio layer, I often leave the audio and video linked - this saves a lot of hassle if you want to move the video around on the timeline (the video synch remains). Instead, I place the video in track one, meaning the audio attached to that track is placed in audio track one. Thhen I place subsequent videos in a track above video one, and the audio attached defaults to a track below audio one - so that neither the audio or video of trackone is deleted. One you are happy with how the video looks, simply turn off the audio in all tracks other than track one by clicking the relevant icon on the far left of the video track.
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