Play from Selection ⇧˽ 2⃣ ￼
Play audio from the current selection (start of selection). A very typical usage is to highlight something with the Marquee tool (I use the secondary tool – command held down as opposed to having marquee regions in the lower half of a track).
You can use the transport buttons in the control bar to control playback, or to set the playhead position. You can click the buttons to activate or deactivate functions, or use the corresponding key commands to speed up your workflow.