VinylStudio Lite is intended to record, split tracks and burn audio CDs. The audio cleanup tools are functional but you will not be able to burn corrected (i.e. cleaned up) audio to CD.
The following other features are also unavailable:
To do these things you must upgrade to the full version, which you can do from VinylStudio's Help menu.
The version of VinylStudio Lite supplied with the NAD PP-3 or PP-4 can only record from those devices via the USB port. If this causes you a problem, please get in touch. It can, however, export track listings for creating CD covers.