How to Import and Use Audio in Unity

Notes:

How to Import Audio into Unity:
How to use Audio in Unity:

Assets: Audio

Audio:
An audible element i.e sound
Ex: WAV, MP3, OGG, AIF etc.
WAV: Wave File
(MPEG) MP3: Moving Pictures Expert Group 3
OGG: Oggs format
AIF: Audio Interchange File

Steps to import:
Assets Menu - Import New Asset - Select an Audio file - Import

Steps to play the audio:
Drag and drop the audio file into the scene or hierarchy panel – Play button