Soundtrack Pro was a music composing and audio editing application made by Apple Inc., which includes a collection of just over 5000 royalty free professional instrument loops and sound effects. It was discontinued with the release of Final Cut Pro X, Motion 5, and Compressor 4.
Multitrack mode
Multitrack mode is where the royalty-free instrument loops and sound effects can be arranged in synchronisation with the video track, and where narration or other external audio sources can be recorded. There are both single and multi-take recording features. As with all of Apple's loop arranging software, the project's master key and tempo can be set, and all of the loops will automatically be played at those settings, regardless of the key and tempo at which they were originally recorded. At the same time, the key and tempo for the whole project can be varied over time with the master envelopes.
Envelopes are a sequence of keyframes that can be applied to audio parameters. Each individual track has envelopes for volume and pan by default. Adding keyframes to these envelopes (effectively lines that run beneath each track) allows the parameters to be varied over time. Each track can also have filters and effects applied to it; these could be Audio Units or Logic Pro plug-ins - examples of those included are Compressor, Multipressor, Flanger, Space Designer and Ringshifter. Every parameter of these effects can also be automated (that is, changed over time).
In addition, there is a mixer interface. Using the 'touch' or 'latch' modes, changes to volume, pan and effects parameters can be recorded in real time as the project plays. Soundtrack Pro also supports external hardware mixers, or control surfaces.
Audio editing mode
The audio editing mode is where individual clips can be edited. The waveform, as well as a frequency spectrum, can be viewed for the clip. The audio can be analyzed for common audio problems such as clicks and pops, power line hum and clipped signals, and then any discovered problems can be fixed. Audio can be faded in and out, the amplitude can be altered for a selection, noise can be removed and silence, waveforms and ambient noise can be inserted. There is also a selection history tool that cycles between previous selections. After zooming in on the individual samples in the audio waveform, the pen tool can be used to edit the wave directly. There is a 'time stretch' tool for changing the speed of a clip, or a part thereof.
Sound editing in the application is based on 'actions'. The actions performed on a clip, such as reversing it, inverting it or normalizing it, are listed on the left-hand side, where they can be reviewed, disabled, reverted or re-ordered. Unchecking the check box for one action removes its effect (and the waveform changes animatedly to reflect the change). Moving the purple tag upwards cycles back through the actions history.

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When I open an existing mp3 in Soundtrack Pro, do some editing on the song, and then attempt to save the changes, again as an mp3, I am unable to do so for some reason.
When the track is first opened, Soundtrack Pro automatically decompresses the mp3, and I am seemingly unable to compress it back to an mp3 when the song editing is done.
My choices under the Save As menu in Soundtrack Pro are: audio file project / AIFF / WAVE/ NeXT / Sound Desinger II / QuickTime Movie.
Where is the mp3 option under the Save As menu?
Thanks for any tips!