The editor below the name field shows the shape of the current envelope. When the envelope belongs to the piece, you can edit by clicking anywhere in this view. Clicking at a location creates a control point for this envelope. Dragging this point up, down, left or right sets its precise location. If you move two points close to one another, they are merged, which lets you delete unwanted points.
Notice that an envelope must be a continuous function, that starts and end at a zero level. The editor enforces these constraints, so you don't have to bother about this. The envelope must also not be completely flat, and have normalized maximum and minimum values. This is why, if you lower the highest point of an envelope, the envelope will be re-normalized and expand to fill the full editor size.
If you need a larger window to get more precision, you can click on the button in the envelope editor, next to the "hear" button. This brings a larger editor in place of the main view.
You may also want to set the attack and release time of the envelope by entering a non-zero value (in seconds) in the "attack" and "release" text fields at the bottom of the editor.
You can always use the "Play" button in the editor to hear a sample of short sounds using the selected waveform and envelope.