I've installed the application and it doesn't seem to support advanced audio features. It has a slider for raising or lowering the volume after a supported file has been opened and that's it. There is nothing else available. If you have a video with multiple audio streams, then I recommend loading it in a professional tool like Adobe Premiere because it's a full featured video editor.
You can download a trial from the following link: http://www.adobe.com/products/premiere.html
Note: You have to also create an Adobe ID to be able to download the apps.