Wow is generally expressed in %. I would like to be able to listen to 1%, 3%, whatever number I want, to see what it is like. Is this possible?
Yes, after a fashion. Just modulate a 3.15kHz tone generated in Audition by whatever frequency you want to hear (try putting the same number in both modulation boxes). This won't give you complex modulation effects, though, which wow and flutter generally contain.
Measuring wow and flutter on such machines is normally done using a frequency of about 3.125K. In the measurement device the original tone is removed and the level of the remaining frequencies is measured. I believe that the measurement doesn't usually include any information about the speed or depth of the resulting modulation.
Actually it does - because if it didn't, it wouldn't be a lot of use. Generally these days a combined figure is used, and the subjective expereience is weighted either side of 4Hz, (IEC 386 flutter weighting) which is supposed to be the frequency at which the annoyance level is greatest. It's expressed as a percentage variation in pitch, and the figure is always the greatest value measured, and the frequency is stated.