It should be possible to edit the volume curve of clips by using key frames and adjusting the local volume of the audio track. The technique is described in the "Help" files.
The described technique has no effect and the only adjustment I can make is to the overall level of the clip and applying a fade in or a fade out.
The described technique also appears to be somewhat "clunky" in comparison to other editing programs I've used. (Too many keystrokes / menu choices.)