I have Cubase 5 Elements and Wave Lab 7 elements and yes you can use the software licence. But I found it was better to buy the USB elicencer so I could switch computers if need be. I like that system. 
But I tried to grab the demo of the full version but both times I downloaded it ( huge file) and it was a no go for me so I gave up. 

Seth Kellogg kindly linked to this post while answering a Home Studio question I asked in a different post.
 
I'd like to point out I presently use Cakewalk's Music Creator 6 and that program will load video thumbnails to aid in editing audio.

Dude ,....check this out....the 10/17/17 update says its there...have yet to check it.