The Current version of FS Sound Studio does not support new keywords added for the FSX release. Support for new keywords will be added over time as free upgrades to customers.
CFS3 does not support multiple panel and sound configurations. You can only edit the single sound configuration provided. There is no concept of more than one Panel per aircraft in CFS3.
FS Sound Studio can read in and convert FS98 format sound.cfg files, however the translation is not 1 to 1. For example, the FLAPS sounds are slightly different.
FS Sound Studio is not a wave file editor. A wave file editor is not needed to create a sound configuration, however, to edit wave files, you'll need a standalone external program. FS Sound Studio will use this external editor if it's configured in Windows to be the default program to edit .wav files.
FS Sound Studio using Microsoft DirectX to play sounds. You must have a DirectX capable sound card, with DirectX installed to use it.
Some Examples of Wav file editors:
SoundForge www.soundforge.com One of the best, a full featured audio editing solution
CoolEdit www.cooledit.com Commercial audio editor
Audacity audacity.sourceforge.net An open source free audio editing program
The latest version of DirectX is available from Microsoft at www.microsoft.com/windows/directx.