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I don't know if this is exactly what you're looking for, but you can set specific start and stop times for a track in the 'options' tab when you bring up the info window for a track.

I usually use this to end tracks that have excessive silence at the end, or 'hidden bonus audio' that nobody would want to hear. No reason you couldn't set a specific start time as well.
 

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does anyone know if there is a way to cue up an exact time in a track in iTunes? thanks!
I don't know of any feature that lets you go to a specific time in a specific iTunes track and start playing there. However, it is possible to make AAC and Apple Lossless files "bookmarkable", which essentially means that playback will start where it last left off when restarted, even if you change to a different file then come back.

There is a script on Doug's AppleScripts for iTunes which can do this for you, as well as making files unbookmarkable.
 
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