Ableton Live can launch and external program to edit audio files. To do this follow these steps.
1. Go to Live/Preferences/File Folder/Sample Editor/
Then click Browse and select the icon of the program you would like to use as your sample editor. Examples of wave editors include Bias Peak,Soundforge,Wavelab or Audacity.
Then go to View/File Manager. Click Manage Set
Then Click View Files
Next to the audio file you would like to edit click Edit.
Your sample editor should launch. You can now make edits to the file, save it and the edits should be reflected in the Ableton Live session.