The Tools menu contains the following items:

Alarm Clock
Opens the Alarm Clock window, allowing you to set a good time and song to wake up to.

Console
Opens the console, which allows you to configure and adjust many settings available via Audion's plug-ins.

Mixer
Opens the mixer window, letting you crossfade between control windows.

MP3 Info Editor
Your one-stop shop for editing all manner of MP3 information.

Encode Item...
Lets you select an item on your hard-drive to encode.

Encode All Playlist Items
Walks through and encodes each item in your currently active playlist. To encode a CD, for example, drag it into a playlist window, and choose this menu option.