What I do, if there is a moment where something needs to be "edited" .....
I create a seperate track next to it, then place an audience sound from someplace else in the original track, say a singular cough or rustle of program...and line it right up w/ the offending moment. Ya just simply copy and paste that second from original track, and line it up right under the offensive word in the next track. Voila. Done.
It will help to use the envelope feature in the original track to gradually lower the gain thru the banter, so that it is a manageable level that is able to be covered up by the 'cough cough'
I'm always doing this in live stuff of my own. Don't like that high note? Well, I just put a cough or sneeze over it! The soprano got more applause in her aria than my own? Well, shit, I copy her applause and shouts and paste it over my own (but maybe change the pitch a bit so's not to sound too much like the original "brava" shouts and more like "bravo".) I'm evil with that shit!
Oops, I'm talking too much again.