The REX editing is...uh...never mind. The solution is:
1. Open the file in Propellerheads' ReCycle
2. Set the Stretch parameter to 0
3. Delete or mute
all the transient markers
4. Save as a standard WAV file.
If you need to time-stretch it, use SONAR's acidization option, which works very well on these kinds of files if you know how to acidize properly.
Unfortunately the markers are embedded in the REX file, so even though the transient markers show up in SONAR's Loop Construction window, you can't edit them as you can with acidized files.
Generally REX files work for percussive sounds; anything else is best done with Acidization, although it can also do percussive sounds.