Volume Control

[Eric Phillips]

I am finally getting around to adjusting the volume on my first movie in
iMovie 4. I extracted the audio so that I could see the wave forms, this
took around 10 - 15 minutes for my 35 minute video. Then I noticed the
red rendering bars at all my transitions. These were only visible in the
view where you see the audio tracks. After a while they went away. Now
anytime I select the audio, try to do anything with the volume or
reselect the video I get a spinning beach ball for several minutes. What
is going on here? Is this because I extracted the audio? Should I only
extract the audio from the clips that I need to do fine volume control?
I never had a delay like this when editing the audio in iMovie3 but then
I also didn't extract the audio first. Any thoughts?

Thanks,
Eric