Soundtrack replacement

I need to replace the recorded soundtrack on my clips (which has noise and other bloopers on it). What sort of process do people on the list use? I was thinking of setting up a mixer to play the existing audio, then switch that to mute the audio and play the video again while recording into audacity (similar to what was proposed in an earlier query here (


). Is that the best way to approach things, or does anyone have any better tips?