I searched for a solution but haven't found one. Hopefully somebody knows what's going on.
I took the selection tool and selected my video/audio1 clips (two short ones) Went to Clip, Audio and then Extract Audio was grayed out.
Audio Grain and Render and Replace were not grayed out, though.
Windows 7 Enterprise 64 Bit
Not many other programs running. Shouldn't be a RAM issue.
Thanks for any help,
Extract Audio is only available when you select a master clip in the Project panel or a bin, not in a sequence.
(Funny; I was just going to link you to the Help document page about Extract Audio, and I saw you posted there Notice what it says in Step #1?)