Couple things to add or clarify .
So as noted there are two primary, but quite different ways to go about this.
#1 Punching in which involves only one take but stopping and going back to a bar or two before the mistake then Punching in and replaying and continuing to play the original take
#2 Comping which multiple full takes and then selecting specific preferred sections from different takes to make a master take As per the video Jim posted BUT ......
To clarify there is perhaps IMO an easier method for getting the multi playlists
It takes some pre setting up BUT it allows for automatic creating new play lists when loop recording
The Steps
#1 Set to automatically create playlists when loop recording
#2 Set minutes and seconds as the Main counter in your transport
# 3 the "End" selection as the number of minutes your song is long
#4 Select Loop record on the record button (I also set loop playback as well)
#1 enable automatic creating playlist when loop recording You can select this on the 2 nd page of the PT Preferences page . On the right side is Record
second option from bottom is "Automatically create playlists when loop recording"
#2 Set "Minutes and Seconds as you main counter ( I also set Bars and beats as my Sub counter
#3 Set. the End length In the Main counter for the minutes of the song
#4 Set both record and playback to Loop
If you like I can do a quick screen recording later today on how to do all this