Edit audio files visually; Record audio from a microphone or any other available input device; Apply various effects; Burn audio CDs from MP3, WMA, WAV, and OGG; All in one program, simple and intuitive - FAE (free audio editor).

Futures:
Powerful audio recording feature
Edit audio files visually
Apply various effects easily
Powerful noise reduction tool
Easy to use interface will get you started editing
in just minutes
Real-time effect preview is supported
Easy to use bookmark and region manager
Supports a number of file formats including wav
(multiple codecs), mp3, wma, ogg and many more.
Burn your sound files to CD
Tools include speech synthesis (text-to-speech)
Completely Free

Home page - http://www.free-audio-editor.com/

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