[kalle74]

I don´t think there´s a trimmer for peaks, unless you go to sample level and use the pencil tool. Just keep in mind that reducing peaks from a 3-minute track with the Pencil Tool would take you, oh, about 2 weeks...

If you really need to trim the shape of the waveform, just like ReniuR said, use Audiosuite Limiter or Compressor.

Using effects realtime gives you the easy option of changing your settings ( as opposed to swapping whole regions ) if you don´t like the effect. But if you are absolutely certain about having "this much" limiting on a track, go with Audiosuite as that will save your CPU recources for other tasks.

Are you sure you aren´t referring to Track Height? ( just a silly question... )