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You can't "de-clip" music. One the peak has been plateaued it's there forever. Lowering it doesn't do anything but make it quieter like BJD3 said. The flat spot in the music will still get amplified and played through the speaker, which in turn will tend to overheat the coil. Play enough of these songs loud enough and you got Quiznos... Toasted Subs.
It realloy depends on what your definition of "Clipping" is.
If you take it in the sense that the waveform is squared off at the top, yes you can fix it, but just a little bit.
The track will still have the distortion present and as previously mentioned any information that was above the waveform is now gone.
When I get off work tonight, I will post pictures illustrating my point.
When the top of the waveform is clipped off, that's clipping. That's the definition. Don't know that there's any other definition, IJS. It's in a different place in the audio reproduction chain than your amplifier (which most associate with clipping, as it's the most popular cause of a clipped signal) but that is still clipping. Any time there the waveform is flat and not at 0, that's bad for subs... the coil needs constant movement to cool itself and voltage without movement (Direct Current) will toast subs.
Lowering the level at which this occurs doesn't do much if you are adjusting the volume to get it just as loud as it was before you attempted to "de-clip" the track. The flat spots have just as much amplitude.
in order to really fix that, you'd have to have an algorithm to interpolate clipped samples, and then you'd have tons of distortion in the signal. You could go and graphically move each clipped sample yourself to try and fix it, at 88,200 times per second of audio, have fun with that. Just like once you compress a CD to mp3, you can never make it sound like a CD again.
EDIT: After hearing all the crap edits, shitty mp3s, chopped n' screwed, etc. floating around on teh internets, I'm thinking improper amplifier gains are no longer the #1 source of clipping...
X2.