Does anyone know a short cut key for "Razor Cut". I have tried Shift C, Alt C, Cntrl C etc..

OK...so "C" will select the Razor.
Is there a way that I can cut at the exact area of the sequence marker with a short cut?

Ctrl+K is what you want.

In CS3 and earlier it will cut all tracks and in CS4 you can choose to cut individual tracks such as *only* the video on Video 1 and nothing else but the video on Video 1.

You can exclude tracks from cutting with CTRL+K in CS3 as well... you just need to de-target it (click its name on timeline).

You can exclude tracks from cutting with CTRL+K in CS3 as well... you just need to de-target it (click its name on timeline).
Correct, but in CS4 you can do both, exlude or include multiple individual tracks. :)