Tracks
Tracks are what hold the sounds. Each track can have its own Effects, volume and pan adjustments. These settings only affect the sounds on the track. More on Tracks
The above image shows the track header, the track and a sound on the track.
Master Control
This is the global or master panel, which affects the entire mix. After all the tracks have been processed, the sound signal is sent through the Master Control where volume and master effects are applied. For example, it will give you much better performance to use an overall reverb on the Master Control versus applying the same reverb on every track.
The caret represents the location where new sounds will be placed. It is also where new recordings will be placed. Before recording or adding sounds, make sure to move your caret to the desired location. Zooming in and out uses the caret as the zoom point. Position the caret before zooming in or out. (A nice trick when zooming in and out is to spin the middle mouse wheel.)
Timeline
The timeline is above the track area and helps you to line up sounds at specific times. You can also add markers to the timeline, which can help with lining up More on the timeline.
Menus & Toolbar
The toolbar contains many of the common functions, including zooming and envelope selection. Explore the menus for new features. Menus - Toolbar
Status Bar
This displays information about the selected sound(s) or the mix, depending on what is active.