Thanks for the replies guys.
Jim Hardin your screen shots are exactly like my version of Sound Editor, I have the full licensed version of Roxio's VHS to DVD from the disc. Sound editor is located in the directory of Audio Core and is version 22.214.171.124 also called SoundEditVHS.exe From Sonic Solutions.
I do see files with an .fxU extension, but those files do not look to be editable.
The reason I want to delete the presets I created is because I messed up on the order of the names I used for each one, I named my first preset Rock, the next was Rock 2, Rock 3, The next was misnamed Rock 5, because I thought I had already used Rock 4, now it goes 3 5 then 4 and two presets 3 and 5 were the same with a slight decrease in the master volume in number 5.
I am not attempting to delete the presets that were in that drop down list that were set by Roxio, I want to delete 5 and 4 and make it so the list goes 2, 3, 4, and 5 not 2, 3, 5, 4.
Resetting the menu does not remove my presets, it only moves the 11 sliders back to the default 0db as shown in the second image in post #4.
Sknis, I also have that Parametric Equalizer in my version of Easy VHS To DVD's Sound Editor, but it is located under the Sound Effects drop down menu of my editor and it is also found under the main window under Tools.