Following on from the link of the other poster, the Random Access part allows plugins like Melodyne to "see" all the audio data that's on the track all at once,

Following on from the link of the other poster, the Random Access part allows plugins like Melodyne to "see" all the audio data that's on the track all at once, without you having to transfer it inside the plugin manually. You just start working with it seamlessly in an edit window. It's a neat idea.