I play the file and hear it in my preview monitor with no problem. However, when I make the edit it just shows two red lines indicating my in and out points with nothing in-between. In fact when i do an insert it even moves everything down on the timeline, but my track and area where the music should be is empty.
maybe the Windows Audio File is messing with premiere.
Try converting the file to an mp3 or other audio file in media
encoder and then bring it back into premiere pro.
Post a screen shot.
Try rendering the audio.