Time Selection to Selected Clip?

Well, you said 'label clips' and you can't do that in Multitrack view at all. You have to remember that Premiere doesn't have an equivalent of Waveform editing as such, so the facilities it offers are arranged differently, to suit an all-non-destructive environment. This means that clip handling is essentially different to what we do in Audition, where tasks are allocated based on the logic of where they actually exist in the original file. It's been like this for ever, and nobody has ever complained about the lack of a 'Mark Selection tool before that I'm aware of, and I think that I would be...

It's not all bad news for you though - there are some useful things about Audition's Multitrack environment that a lot of video editors aren't aware of - hardly their fault, as most of them aren't exactly blindingly obvious! For instance, the other thing about the Time Selection tool is that if you use it as the default tool, it automatically switches to being the 'Move' tool when you hold it over the top green bar of a clip, so you don't have to keep changing tools all the time - just hold them in the appropriate place. Also pretty much all of the common things you want to do to a clip are immediately available on a highlighted one if you use the right-click button on your mouse. This saves a lot of time. And changing tools is quick and easy anyway if you use the shortcuts.

Remember that you can also drop markers on the fly whilst you are playing back the audio and listening to it using the F8 keyboard shortcut. As Steve says as long as you have a marker for the beginning and end of a clip it can easily be turned into a Range and renamed within the Markers list panel.