what are some of the music features in A:M such as, fading out, fading in,slowing down, speeding up, etc....

While Animation:Master can use WAV files it isn't a music editing application.
There are a host of freeware and commerial music editors that you can use to get the sounds you need though.

Try this link for the features writeups:

Features explained

Look for the link to previous version features too as most of those features are still in v11 too.

COOL! thanks a lot. I'll check it out more when i get animation master.
But it has no effects?

Nope...

There are several reasons not to combine full blown music software with animation software. They're both resourse hungry. Running both within the same app could invite unnecessary complications. There's also a lot of good music software out there already...no point in reinventing the wheel, probably a lesser wheel at that. Plus any music pipeline, from freeware to pro, will allow you to spit out a wave file. Generate your wave files with whatever suits your fancy and stick it into AM when you're done

Just go to

http://sourceforge.net/projects/audacity/
download the free audacity
and have fun!
Norbert