On the left side of the screen is the playlist. You can drag any cut in the library to it, getting it ready to play. Rearrange cuts by dragging them up and down Replace cuts by dragging in a new cut from the library.
When you play a song from the playlist, the play button changes to Pause ad you can stop a cut at any time. The time remaining if also displayed along with a progress bar. On the right side, you can also fade the current file. After the song ends or fades, it is removed from the playlist and the next cut moves to the top.