The Export Line to iCal menu option will export basic pairing data from the line selected in the listbox into iCal. The dialog box that appears allows you to choose the calendar you wish to export to and the option between Airport Codes or City Names.
Once this data is in iCal it becomes another iCal event and can be modified or deleted. In addition, using features of iCal and iSync you can sync this data to an iPod. iCal has a feature called publish/subscribe in which you can share your calendars via the internet and they will be automatically updated any time they change.