Is there any way for me to extract this kind of information from a sound, I want to give my scene an effect where colours light up based on the beat of any song, (the best example I can give here is Wipeout HD zone mode, as seen in the background.)
I think this is still a slightly experimental feature but if you click Windows → Plugins then you can activate the Sound Visualizations Plugin:
This provides some functions for analysing the frequency spectrum of Sound Waves, which can also be used in Blueprints:
As this does not analyse currently playing audio you would have to update the start time each time you calculate the spectrum to keep it in sync with your playback of the relevant sound. You would then look at the lower elements of the output array to determine how much bass is present in that section of audio.