Use the File pulldown and select Render to start the render dialog (figure 7.1). Then choose the desired parameters.
Even if you only have audio or only have video rendered, a paste insertion strategy will behave like a normal paste operation, erasing any selected region of the timeline and pasting just the data that was rendered. If you render only audio and have some video tracks armed, the video tracks will get truncated while the audio output is pasted into the audio tracks.