Your computer doesn't have all the capacities to "do good editing" because you don't have video editing software capable of efficiently doing what you're trying to do. You can is load your audio file into the library, click the audio icon (the one that looks like a speaker) and drag the Wav file into the audio box. It will line up with your clips based on its length relative to the length of the video clips, which you can preview in the view screen. In other words, if a video clip is three minutes long, create an audio wav file that's three minutes long. There's no facility for easy audio and video alignment, since videowave is a "storyboard" interface and you need a "timeline" interface.
Actually, more comprehensive audio/video syncing is possible with videowave, but not worth the effort to explain since this task is so ludicrously simple in more capable editors. If you're determined to use videowave, you should seek help from other videowave users on the forums provided by Roxio.
However, if you obtained video editing software that provides timeline based editing, what you're trying to do is so easy that you wouldn't need to ask anyone for help. A timeline interface shows video tracks and audio tracks on a common timeline. This allows you to place video and audio elements in parallel - anywhere along the timeline - and sync them up simply by drag n drop visual alignment.
Do yourself a favor, you spent the money on a decent editing machine, you ought to complement it with decent editing software. My recommendation is Vegas Video. It is software you can't outgrow, and is so easy to use you won't need to ask for any help. If you can't afford Vegas, spend $70 on its little brother, Video Factory.
You should have more than one editing program on your machine anyway. If you like videowave for the video portion, create your masterpiece there, then load the produced video clip into a different editing package that handles audio more comprehensively. There's no law that says you have to use one editor to achieve a final product.
By the way, forum etiquette says that all caps is the equivalent of shouting - and it's considered impolite. This could be why you were ignored ;-)