You can't use Normalize because you're in Multitrack view. Normalise is a process function that only works in Waveform view, and is specifically aimed at setting file peaks relative to 0dB. This essentially means that you can't add it as a real-time process, which is what would be required. But that's not the only reason:
In Multitrack, because you are working with a Floating Point processor which is virtually impossible to overload, the whole concept of 0dB is somewhat arbitrary in the first place; even what appears to be a massive overload can be corrected after the event without loss or distortion. To this end, there's no reason to include Normalize anyway.
Hey Steve, thanks for your comprehensive explanation.
I'm new to Audition as you can tell, I have a Premiere background. Maybe you can help me do what I'm trying to do in a different way:
I have an interview that I'm editing down to a podcast. My guest had very bad audio, and so I'm trying to equalize our audio levels. In other words, I'm trying to lower my peaks, or raise his peaks, I haven't really decided yet. Besides this volume matching I'd like to do, the only other editing I'm doing to the podcast will be some simply cuts and fades, that's why I'm working in multitrack view right now.
I hope this isn't too much of a hassle to explain, but i'd be very grateful!
Two things: firstly, whatever you do, don't use the Podcast template! Secondly, have a look at Effects>Amplitude>Speech Volume Leveler - if your voices are on different tracks, it's not a problem - run it twice, once on each track. You may have to experiment with with the settings, but after you've levelled out the speech, it should be much easier to set the individual levels.