How to normalize audio items in Reaper using the new SWS extension (v2.14.0.3)

The new stable release (at the moment of writing: v2.14.0.3) of the SWS extension offers a great way to normalize audio items in Reaper. Why would you normalize audio items? The best way to work with digital audio in my opinion is to have a reference point for loudness. The European Broadcasting Union (EBU) R.128 norm