If u want to delete a whole road, no problems... just select the road and hit “Delete” on your keyboard.
If u were cropping a road to make it shorter, its easier to just edit the geometry (play around with the blue circles).
But in this case, I want to delete the middle bit of the road. To achieve this, I need to mark the start and end of the section I wish to delete... by adding junctions.

So click on “Add Junction” in the “Edit Panel”... the “Allow All Turns Mode” will appear. For the purpose of deleting, it doesn’t matter whether u tick this or not. I'll explain it in detail later when its needed.
http://i153.photobucket.com/albums/s235 ... aSmall.jpg

I want remove the part after the 1st new road's dead-end and before the 2nd new road begins. Click where the dead-end is. The “Edit Panel” will ask “Are You Sure?”…
http://i153.photobucket.com/albums/s235 ... eSmall.jpg
...“Yes” I’m sure.

So the junction is added. Waze calls it a node. Its that blue dot at the dead-end.
http://i153.photobucket.com/albums/s235 ... fSmall.jpg

Add one more junction where u want to end the section.
http://i153.photobucket.com/albums/s235 ... gSmall.jpg

Now my original road has been split into three sections. I select the middle section which I want to get rid of... it will highlight in pink. Don’t worry about the green and orange highlights on the other segments, that’s the “Highlight Connectivity” in action, which will be explained later. Hit "Delete" on the keyboard or “Delete Road” on the “Edit Panel”.
http://i153.photobucket.com/albums/s235 ... hSmall.jpg

Looks like u have a new road!!!
http://i153.photobucket.com/albums/s235 ... iSmall.jpg

Sorry to break the bad news… not done yet we still have 2 more things to do… name it and connect it…. all coming soon to a cinema near u.