dupe the track make a time selection on the dupe media item shft S to split at each end of the time selection delete the parts ahead of and after the time selection... I suppose you could create a custom macro to do all that after you make a time selection but why even bother...

What Hopi says. In a typical macro for something like that you'd just ... 1. Copy the range / area / time selection... whatever. 2. Duplicate the track with no media. (maybe not possible here directly, not sure) 3. "Paste at Origin" (Paste in the same place on the new track which will be selected by default after you duplicate. No direct action for that afaik.) The Reaper macro would be a little bit longer than most, having to clean up the media on the duplicate track and maybe having to also set the position to paste the media at, but easy enough to setup if you do that a lot. Off topic, but I'm finding my Reaper macros to average a good 30-50% more macro steps on average than anywhere else to do many of the same things. A good 50% of that is related to the lack of area selection, having to do 2-3+ more steps to do something with the time selection.

Ctrl+left click/drag copies a part from time selection: edit: Just noticed that the fx order changes when I'm dragging them.