Hi @NetherHacker,
When you are importing a song with multiple tracks you will need to import one at a time with your settings like these:
Once it imports the one track, open a second 3MLE and put the code it imported into that one. Then go back to your other 3MLE window and import the next track. Basically keep doing this until you have all the separated tracks imported and put into your other 3MLE window.
If the song has a TON of tracks (Multiple instruments, an ensemble) sometimes you will go beyond 16 tracks allowed in 3MLE and that requires some more finesse as you will need to basically edit all of the instruments separately.
But for a solo song the above method works just fine and is how most of us edit.