Is there a way to import audio (MP3 or M4a) into a track? I cant seem to figure this out.

Thanks!

Welcome SoloJim

With the audio file in your Music Library on the device, make sure it is downloaded from iCloud (use the Music app, next to the song tap the ... button then the cloud button to make sure its in the local cache)

In multitrack you would then use the Hotbox over a track rail and select "Audio", then the iPod tab. Tap the browse button and choose the song from the Music Library. Then tap the "Import Copy" button. The song will be converted to wav and placed on the pasteboard.

Finally, use the Hotbox again over an empty track rail and select "Paste".

BTW it wont work on songs that have DRM or are copy protected. But all mp3s should be fine.