I recently wrote a 2-part article on fixing mistakes while recording (Quickly Fix Audio Recording Mistakes by Overdubbing), but not using the traditional punch-in/punch-out method. Punching where you set a point just before your mistake, and automatically (used to be an engineer doing it manually in the old days) the software starts recording over the mistake and continues recording on the same track,or punching out after the mistake if "patching" the mistake in an already-recorded track.
Rather than punch recording, I like to use a second track instead, basically overdubbing to fix my mistakes, especially when recording acoustic guitar. I like to preserve the original recording as much as possible and retain as much control as possible in the fix. I'm being medicated for this. Anyway...
Joe Gilder, from Home Studio Corner, explains in this video post, how he does punch recording using a foot switch, giving him control from the microphone.
He is using Presonus Studio One, along with the hardware fader and transport control unit, Presonus Faderport (which you can use with Reaper, BTW) and an M-Audio SP-2 Keyboard Sustain Pedal, which can plug into the back of the Faderport. With this, he can stop and start his DAW and punch in and out remotely.
Check out the video below: