Clipping in the sense of exceeding the maximum level accepted by the software...or clipping by whatever is being used to play back the recording/sound file?
That which I have seen from other such programs is the first of your choices and gives the sort of perfectly flat tops illustrated in the similar cases (overrecording) I have posted at http://www.mindspring.com/~mrichter
Mike -- mrichter@xxxxxxx http://www.mrichter.com/