Make a clipped setion of the word/phrase that needs to be bleeped
Drag the dB line on the audio clip all the way down to eliminate the voice
Click the music note on the bottom bar to get to the audio mixer and controls (which is the Fairlight tab, apparently)
Right click in the left panel under the Audio and Bus 1 tracks and select "Add Track -< Stereo" from the pop-up menu. This makes a new "Audio #" track above "Bus 1"
On the right side "Mixer" panel, choose the "Audio #" track that you just created and click "No Input" then "Input" from the drop-down menu. This opens the "Patch Input/Output" window
In the "Patch Input/Output" window, change "Source" to "System Generator" then click "Osc" to pick the Oscelator
Under "Destination" make sure that the "Audio #" track left and right channels are selected (they should be by default)
Then clich "Patch" at the bottom of teh "Patch Input/Output" window
Choose "Fairlight" from the top level menu bar and select "Test Tone Settings" from the drop down
Click the "R" button for the "Audio #" track (which arms it to record). You should hear the tone at this point
Move the play head a little in front of the section that needs the beep
Click the record button (which is the circle) under the main mix panel and record a little past what you need to bleep then stop it
Resize the bleep audio to fit the clip that needs to be bleeped
That does it.
If there are multiple things that need to be bleeped, you can Option + drag the bleep to make a copy