I wanted to know if the audio tracks levels in Video Pro X can be recorded. In other words, can I record to lowering and raising of the audio levels like recording video to have them played back?
You're referring to audio mixer automation? That is possible in Video Pro X. Just open the mixer ("M" key) and manipulate the slider for the audio track while playing back the arrangement. The changes in volume will be recorded and stored. If you right-click on the audio track and turn the track curve display on (volume and panorama) you will actually see the recorded automation curves and can also fine-tune them manually later.