Choose Adobe Audition to open the audio track you want to extract sound effects from. You will notice immediately that two channels (L -- R), look different from each other: They'll have a different wave pattern. If that's not the case, you won't be able to extract sound effects from it. Adobe Audition opens the file in Multitrack mode, so you need to change it to an Edit mode. Below the usual tool bar (file, clip, view, insert, effects, etc.), in the upper side of the window, you will find another bar that shows different tools. On the right side, you will find "Workspace," and these options open a panel where you will choose Edit Track. Now the track will expand for easier use.
Determine which channel has the sound effects you want. Place the cursor at the corner of one channel until "L" or "R" appears. Then, click on it, and to play press spacebar, as in any audio editing software. You can try it with both channels, but the norm is that effects and other sounds appear in the Right channel. Now, double click in the same point and all the channels will be selected.
Save the audio that is on the channel by going to "file" on the tool bar and selecting Save As. Adobe Audition, as many other types of software, gives you the option to save it as MP3, WAV, WMA, etc. After you choose one export type of file, save your new sound effect file, and you are ready to use it anytime, for any purpose.