The ability to drag a clip to the timeline was introduced earlier this year (around March, and forget which versions it applied to offhand). If you have one of those versions of SONAR installed and it does not work, be sure that Melodyne is functioning properly (simple test is to create a Region FX).
If you do not have a version of SONAR with the extraction capability, the method I posted above does work, but bear in mind that Essential 4 will only work nicely on melodic material, i.e., running a commercial track through Essential will likely fall on its sword with tempo.
Brundlefly's method mentioned above of Set Measure/Beat at Now (Shift-M) is probably the quickest method available. Depending how much variation there is on the track, you may need to use that on each beat to get an accurate tempo map (for high variations), although in many instances it can be used every measure or two (when tempo is pretty steady or recorded to a click). One caveat to that is to set the project to something close before working, since the tempo from time zero to the first inserted tempo (done with Shift-M) may get wacky otherwise - and also use Shift-M on the first beat in the song/track.