By choosing one and discarding the other, or by creating a new audio file that incorporates both changes, just like one would do for any other file.
While I don't know if this exists, there's nothing theoretically preventing the creation of a diffing/patching tool for audio/video files, detecting insertions/deletions/replacements (perhaps by timestamp/frame rather than by line) the same way `diff` does for text.
> at that point, effort has already been wasted by at least one person.
A file lock doesn't prevent that time waste; there's nothing stopping someone from immediately overwriting it as soon as the first editor commits/releases the lock (in which case the first edit was a complete waste of time).