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Soundbooth allows you to extract the audio from a video file and then work on it with the full range of editing options; not just volume etc, this is one of the new features introduced in CS4. To do this first import the video file into Soundbooth but in a multitrack file [Ctrl] +Shift+ [N]. In the Editor panel, click Extract Audio in the upper right of the video clip. Soundbooth will create an audio clip on a new track.