I think you're confusing two different audio tools. This tool is an Audio Waveform generator. It's a Tool (meaning it goes on your flow, like a Blur or Background), which makes an image visualisation of a WAV file.
If you want to modify parameters according to an audio file, you need the Suck Less Audio File Modifier. This will provide a new Modifier option called "Audio (WAV)", with which you can modify a control, like animating a Transform's Size according to the waveform of an audio file, or whatever you want to do.
However be aware that the Suck Less Audio cannot work with 24bit WAV files, only 16bit. So you'd need to re-save/re-render your current audio file into 16bit in order to use that.
You can install both at once from Reactor, and then use AudioWaveform (this tool) to visualise your waveform as an image, and separately use Suck Less Audio as a modifier on one or more number controls.
Regarding your issue with the WAV not working: AudioWaveform does support 48khz 24bit WAV files, so not sure why that's happening. If you look at AudioWaveform in a Viewer, what does it say? JiiPii has done a great job at writing easy-to-understand error messages directly in the Viewer. If necessary, can you upload the WAV file in question so someone can take a look and see what might be wrong?