Originally Posted by KRStudio
Yes but it will be thicker "beefier" noise!
And above all else, it will be FILTHY WUBSTEP!!!!1
But seriously OP, The Y axis of the waveform corresponds to amplitude, and the X axis refers to time. The shorter the wavelength; the higher the frequency. You really have to zoom in on the waveform to see the waves. What you're asking about is compression and limiting - You can use dynamics processors to control the amplitude of your track.
But don't look at the waveform to make your descisions - use your ears. You usually don't want things all bricklike and limited, that will just make your mixes sound overcompressed or even distorted.