The meters are apparently not correctly displaying the actual volume of a clip, and in some cases, show an overload (the top little red lights come on) when no overload exists.  Not only does the clip display of the audio waveform indicate any suspiciously high levels, but exporting the clip and opening in my wave editors indicate that the highest level peak amplitude is -3.14.  I'm running the latest version of Platinum.

What kind of track is it? Remember that MIDI track meters don't display audio output. They display velocity and the "Clip" light is actually just indicating a MIDI note has been received by the track (either from a MIDI within the track or an external controller).
 
However you are mentioning waves which will only appear in an audio track and/or an instrument track (the audio output of a MIDI synth/track). So maybe something else is going on but it is worth mentioning the MIDI "clip" light thing in case you are misinterpreting something.
 
Perhaps you have frozen or bounced a MIDI performance or are using an SIT or something.
 
I got freaked out by the MIDI track "clip" indicators at first too and it is a bit confusing.

And just because the waveform isn't showing a clip (which is an input/record clip when those occur) does not mean your levels aren't too high (causing the clip light to light up).
 
As far as checking it in another program from an export you may be exporting from a downstream bus that is NOT clipping as opposed to exporting directly from the track which would (should) result in a more accurate wave (as far as level goes).
 

Its an audio clip.  Keep in mind that I have been using Sonar since Pro Audio 3 or something, and haven't experienced this behavior before, i.e., if it was clipping, then the red light came on, and what it is indicating is correct.  This appears to be a new malfunction not present previously.  I am exporting the audio clip directly to the wave editor.  When levels are too high, and I export those waves, and do the same analysis, it is immediately apparent that the waveform clipped.  This waveform isn't too hot, but the meter says I'm overloading ... when I'm not.  This doesn't interfere with my workflow, but I think someone (Cakewalk) should look into this, because it is something new I am seeing, and thought I should report it.

Got it. Just checking because as I said that midi not "on" clip light bent my brain when I first encountered it and of course you understand the possibility of the signal path/meter stuff I was describing too.
 
Hope you get it sorted.
 
Cheers.
 
PS: You actually might be better off having others check this out in the main Sonar forum... like with repro steps if possible. This sub forum doesn't get as many eyes.

Just for clarification Greg is this the Raw clip that is clipping or is there any additional processing, like say the PC is on?

Yep, Prochannel was on with some make-up gain for the compressor.  When I bypassed PC, the overload LED went away.  You'd think by now I'd know how to better troubleshoot.