If the clipping is really bad (like in dylan's song) using the amplify tool isn't going to fix anything. Load the song in, and duplicate it so you have 2 layers of it. On the first layer, goto effect > high pass and select 24dB 120hz. Then on the bottom layer, do a 80hz 12db low pass. Now you've split it up so the top layer is your mids and the bottom layer is your bass. Chances are the bass in the bottom layer is either clipped or at -0dB. Select the whole bass layer and goto amplify. Then in the 2nd input field, type in anywhere from -6 to -3. This will make it so the loudest peak in the whole layer will be whatever you set it to. Now if you select both layers, goto Layer > mix and render it should be fine now. (It may still look like it is clipping but that is just the mids and highs creating a square wave. Run the mixed layer through a low pass and the bass should be at a normal level now.