Sorry for the delay, work, you know the deal. N-tracks is cool and user friendly as far as multi tracking goes. It lets you add layer upon layer of parts on top of each other. But the wav editing part simply directs you to an outside editor.
To explain briefly. when you record a part or a track it is in a form of file called wav. Just as letters or essays are saved as text (txt). Wav is just the file format that many music programs read. Just like you can edit the snot out of word files (text) by running spell check, cut and paste and all of that... a wav editor lets you fix up a music file. It tosses the wav up on the screen and gives you icons and buttons to "modify" it. some of the modifications would commonly be adjusting volume, adding effects (like chorus and compress) cutting parts out, or even inserting other wav files. The list of editing possibilities is growing daily. There are gobs of wav editors out there. Even the standard windows "sound recorder" is a bit of an editor. totally lame as far as what we are all shooting for, but just an example. Thats about it, N-tracks does not really edit, but is very cooperative as far as helping you open up a really decent editor of your choice. Hope this helped.