This will render the selected area of a selected track, and place it on the track...I made a stereo and a mono version. It's much faster than rendering the whole track if you only want a smaller part like a verse or drum loops, and very handy for folder or receive tracks that don't have items to apply fx. I used keystrokes not used in the default (or mine), feel free to change them of course.
Stereo Render of Selected Area = Ctrl-Shift-R
Mono Render of Selected Area = Ctrl-Shift-Alt-R
I hope it works for you! Modify as you want (NB: do NOT consolidate undo points, or it will screw right up),
I threw glue in because it wouldn't work properly for more than 1 item on the same track, and anything could happen on other user's systems when using undo trickery...but so far here, so good! :D