Editing tools below (cut / trim / fades / normalize) apply to the selected track only. Play mixes every unmuted track together.
SEL 0:00.00 – 0:00.00
POS 0:00.00 / 0:00.00
Fades (applied to selection, selected track)
Drag across the waveform to select a region, then apply a fade or trim/cut it.
Mixes every unmuted track down to one WAV, exactly as the levels are set now.