Hi Ted,
The Easy Voice Recorder (EVR) that comes with LR and LM does have a few editing functions that you can use as soon as you've recorded your word, and you can save your final recording within the same program too.
Please see below:

If you opened EVR via the Edit Word window's "REC NEW" button, the audio you record, edit and save in EVR will get added immediately to the word you were editing. You can also edit your recording again later by selecting the file from inside the Edit Word window and then clicking on the "EDIT" button.
If you prefer to record or edit all the words you need separately, you can open EVR directly from Start > All Programs > BrillKids > Little Reader (or Little Musician) > Easy Voice Recorder.
For detailed instructions on how to use EVR, you may refer to this article (we also have a video tutorial):
http://support.brillkids.com/entries/20384658-how-to-use-the-easy-voice-recorderIn case you still cannot save your edited recording in EVR, please write to us at support[at]brillkids[dot]com and include your diagnostic report so we can troubleshoot further.
For instructions on how to create a diagnostic report, see:
http://support.brillkids.com/entries/20438423-How-to-Create-a-Diagnostic-Report-for-your-BrillKids-Learning-SystemP.S.
I suspect the "whiplash" sound (or maybe clicking sound) that you're getting in your recording is the sound your mouse makes when you click on the [REC] or [STOP] button. You'll be able to remove the unwanted sounds through the EVR's "Silence" or "Noise" functions (or you can simply highlight the part of the recording you don't want and then press Delete on your keyboard).