Such as going back 5 or 10 seconds. This is a function I needed most but don't find on iTunes.
P.S. the CmdOpt Left arrow doesn't work by the way.
Use Cmd+Option+Left Arrow to skip backwards five seconds.
Use Cmd+Option+Right Arrow to skip forward five seconds.
Hold the keys down and you'll keep skipping backwards or forwards with momentary pauses so you can keep up.