Blender contains a multi-track audio sequencing toolbox. You can add WAV files from your hard disk as a file, or as encoded within a movie, and mix them using an IPO curve as a volume control.

Mode: Video Sequence Editor Hotkey: Shift+A
Menu: Add-->Audio (RAM) or Add-->Audio HD Audio-RAM loads a file into memory and plays it from there. You can only load stand-alone WAV files. Audio-HD plays the sound back from the hard disk and hence does not take up memory. With Audio-HD, you can load stand-alone WAV f.LIes as well as audio tracks from movies.

Name:  Sound Sequence Editor.jpg
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For both, a green audio strip will be created. With Audio RAM, a waveform is created that shows you the waveform inside the green strip, scaled to the height of the green strip. Since Audio-RAM f.LIes are read into memory, changing the audio file will not affect playback, and you will have to reopen the file so that Blender rereads the file.