The time readout simply displays current cursor position of the file in playback or record mode, as seen in Figure 12.19. You can change the format by selecting Edit, Display Time Format from the File menu. You can make the readout as large or small as you like, and the window floats, meaning it will stay on top of the rest of Audition when open. You can open and close the Time window by choosing View, Time Window from the File menu.
Figure 12.19: The Time window displays the current cursor position.