Yo, BibleMan, it's true what Dachay said. If you install some wave editor, it actually put some lines in your Windows registry, and it tells SONAR to add the shortcut in the Tools Menu. Here you can do what Dachay suggest you. Highlight the clip, pull down the Tools menu, select the wave editor listed there, and you'll be brought to the wave editor in no time... Once you finish edit your sound, save it and exit the wave editor. It'll bring you back to SONAR, and SONAR will ask you whether you'll replace the old one with new (edited) wave block. Here's Nancy Reagan Yess...
BTW, Sometimes, in many case I found, Cool Edit Pro somehow not appeared in Tools Menu after you install it. Here you're gonna need to "add it your self" by alternate the registry. How ever, it's a bit dangerous for your Windows to work propherly. These line should be added to your Windows registry :
[HKEY_LOCAL_MACHINE\Software\Cakewalk Music Software\Tools Menu\CoolEdit Pro]
"ExePath"="C:\\audio\\CoolPro2\\coolpro2.exe"
"MenuText"="Cool Edit &Pro"
"StatusBarText"="Edit the selected audio event using Cool Edit Pro 2"
"Type"="WaveEditor"
You may change the Exepath to your CEP location on your HD...
Jaymz.