Is there a way to control the level of an application being recorded? I find that when recording Skype conversations the Skype conversation is really loud in the final mix. Is there a way to control this or set a level before recording?

Also, is there a way to apply effects to a single application versus the entire mix?

Hello,
WireTap Studio should record at the level the application is set to. You can adjust the levels after the recording as needed using the sliders on the ends of the waveforms. You can apply the FX to the tracks individually. You should see a button for Track One and Track Two in the Effects Inspector. Hope this helps

If you need to adjust the levels beyond what the normalization sliders allow in the editor window, you need to add an effect. The AUDynamicsProcessor should do the trick. The normalization sliders in the editor are limited so they don't introduce clipping.

Thanks for the tip, Dominic!