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Tip#1: Another good tip is that you can simply press Ctrl + P (while in Slide Show) to display the pen. Then you can press Ctrl + A to change back to the arrow. Press E to erase what's on the screen.

Also, press B to change to a Black screen (and focus attention back on the speaker--helpful if people have gotten a bit engrossed in the PowerPoint and forgotten to listen to you!). Press B again to go back to the PowerPoint presentation. An alternative is to press W for white instead of B for black. W is helpful if you don't want the room to get too dark.