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Welcome to the forum.
If you are hearing the Audio, when you play the Timeline, then there is Audio. If, for instance, your Audio Stream is mono, but all of the visible Audio Tracks are stereo, or 5.1, then PrPro has created a mono Audio Track for it, and you might just need to scroll down to see it. A quick test, if you cannot find that Audio Track is to go to Window>Audio Mixer, and watch the Levels meters - do you see one showing green, as the Timeline is played? What Track number is that? Can you find it in the Timeline, if you scroll?
For more details on Audio Tracks and channel-count, see this ARTICLE. At the end, there is a great tutorial by Todd, so please be sure to see that.
I also agree with Joe, that much more detail would be very useful. For instance, can you tell us about the AVI produced by your Olympus camera? This ARTICLE will give you some background, and also tips on getting that info.
Good luck, and please let us know more.
Thanks Bill!!! Just had to scrol down hahahaha! Now that I see it there is no audio waves that show the highs and lows? I tried expanding it and it still doesn't work?
OK, you have the Audio, but no Waveform Display, and no Audio in playback. That leads to my next question: did you allow that file to Conform completely, when you Imported it? This ARTICLE will give you a bit more background.
Good luck, and also please let us know the full specs. of that Audio.