Most folks here are looking for approaches that will yield the best audio result on their home systems. Given the equipment they have, the software available, it then boils down to finding the combination that yields the best results given the time they have to spend on the effort.
A number of steps usually make up the process. As some point one usually has 2 or more track/WAVs that are to be mixed in the final product. For most, the total is probably more like 5-16 such tracks. In a perfect world, each of these tracks would be at perfect identical levels and the mixing process would be fairly simple.
However the real world is not like that. One quite often ends up with a variety of tracks from different sources at different audio levels. Some may be clean and some might be somewhat noisy. If for example, the vocal tracks are at a much lower level than the drums and bass tracks, mixing can become somewhat harder. Thus enters the world of post processing, effects, and other similar processes.
The mixing process combines the various WAV files to produce a single WAV (usually stereo). The mixer level meters effectively tell the PC software how to combine the levels of the different WAVs present to make up the final result. If a mixer track value is other than the default value, then the samples from that WAV will be increased/decreased as they are added to the final result.
Many find that the normalization process can make this mixing step somewhat easier. Normalizing a low level vocal track will bring it’s level back up to something closer to the other existing tracks. Then when the mix down process occurs, the vocal tracks have to be modified less (if at all) to fit in with the other data already there at higher volumes.
It’s also worthwhile to point out that there are multiple approaches to WAV normalization. Various algorithms have been developed over the years and some work better than others. One has to listen to the result to decide if what they have works to their satisfaction. Some software offers flexibility on the normalization process where the user can set various parameters (peak limiting, max boost, percent target, and other values). These kind of options usually indicate a more flexible and quality normalization product.
When producing an entire CD, an additional normalization step is usually also used to make the various CD tracks play at similar volumes. If one does a search in Google, you see many hits mentioning this aspect.
Each sound engineer has to decide what is best for their effort. There is usually more than one way to “skin the cat” and each decides how best to proceed.
Some of us have probably spent some time inside real professional recording studios. While their equipment is much more expansive and their skill level higher, their process is quite similar. It’s quite fascinating to stand in a studio, play a guitar track, and then watch the engineer incorporate the result into the final mixed CD product.
Ed