Do you have Soundbooth, or Audition?
While PrPro offers the ability to add Effects like EQ, and Compression/Expansion, I think that you will find those Effects (plus more) better in either SB or Au. You can quickly test the EQ, etc., in PrPro, and if you want more power, or control, just eliminate those Effects in PrPro, and work on your dry Audio in Au, or SB.
Also, Au will accept and work well with more add-on VST's, than PrPro can, so you would have a wider range of "tools" at your disposal. Do not know SB's abilities to work with all of those VST's, but it possibly has similar capabilities to Au - I just do not know this, but others will.
Soundbooth or Audition are better suited to correct the audio, since it looks like you can't reshoot.
Thanks for the responses. I do have soundbooth. Question then is can I modify the audio without losing any sync between audio and video. When I open the file in soundbooth with it overwrite the audio portion of the file only?
Just use 'Edit in Adobe Soundbooth' from the timeline with the audio clip selected.