n-Track really isn't reall intended to be a wave editor, it's a multitracker first and foremost. It does have some nice editing features, but they're not as strong and as easy to use as those you'd get from a wave editor like Sound Forge, Wavelab, or Goldwave (if you're on a budget).
So basically, yeah you can do editing in n-Track, it's just not ideal.
Anyhow, n-Track has volume, panning, effects, and auxillary automation (e.g. you draw envelopes right on the track). It has support for both VST and DX plugins, but doesn't really come with any mastering plugins so you're on your own to find some. It has a lot of basic wave editor functions like Normalize, Split Stereo, Silence Selection, Fades, Cross-fades, etc., and it can work both destructively and non-destructively.
If money is your sole concern, and you're planning on getting n-Track some day, then I'd go ahead and get n-Track. It's one of those programs that can be like pulling teeth at times, but it won't bother you so much because it's so damn affordable, and you get more features than most software 10X more expensive. Eventually, though, you'll probably want a good wave editor (Wavelab!) and a set of mastering plugins, but really dude, that stuff can probably wait.
I'd say the first noticable issue you'll run across when editing with n-Track is that it's kind of hard to be precise in your edits. You can be precise, but the process can be pretty annoying compared to a nice wave editor.
You might check out Goldwave, which is a really cheap wave editor. It's only drawback is that it doesn't support realtime DSP (at least it didn't the last time I used it), but for doing basic edits it's a breeze. Over time you'll probably find yourself using a wide array of software to complete one task.
Good luck!
Slackmaster 2000
