The root of the problem could be noob user error or the need to upgrade to a non light version but can anyone provide tips on how to import a video and the audio that goes along with it? I successfully imported a video of my band’s gig into a Video Track and it plays fine but there is no sound. Ultimately what I would like to do, if possible, is to create an audio track of the gig so I can export/mixdown individual songs to burn to CD. But first things first I guess. Any input, advice, assistance and tips would be much appreciated. Thanks so much in advance.
I’m not sure about LE4, mainly going by Cubase 6 info here 
Video and audio are handled differently in Cubase.
You need to manually extract the audio from the video.
The easiest way to do this (from the Cubase 6 manual )
On the import video dialog, enable “extract audio from video”
Hope this helps, but keep in mind this is from Cubase 6.
Thank you Shinta215 for taking the time to reply. My guess is there may not be that option with LE4 but I will check it out and post a response so that others will know if they have the same issue. It is probably best to upgrade anyway. Cheers!
Apparently LE4 does not have the option to extract audio from video. I search the forum and other sources and have come to the conclusion it might be time for an upgrade.