Well, I have a few of these audio issues from the live band, and I thought about just trying to cut out the bass peaking, (base guitar), but then I thought I may be able to just clip it and take all the lows out it.

No suggestions? Clipping and taking the lows out momentarily will certainly make it less objectionable. But I just quickly tried something else on your sample in Audacity and it sounded okay to me. I blanked out the offending part (about 5.3s in) and replaced with a _reversed_ version of the same length of audio immediately before, which is just the crowd laughing and clapping. Reversed because repeating the exact same sound is instantly recognizable. If that doesn't sound smooth enough to you then copy a little more than the same amount of time of the crowd sound and smoothly cross-fade the ends into the original audio. Of course, if you have to preserve intelligible speech in the background this technique won't work.

Alen, in the instance you refer to, I would do exactly the same as you, excellent idea!