Here is the publishers
description of this program. Audacity is a free audio editor. You can record
sounds, play sounds, import and export WAV, AIFF, Ogg Vorbis, and MP3 files, and
more. Use it to edit your sounds using Cut, Copy and Paste (with unlimited
Undo), mix tracks together, or apply effects to your recordings. It also has a
built-in amplitude envelope editor, a customizable spectrogram mode and a
frequency analysis window for audio analysis applications. Built-in effects
include Echo, Change Tempo, and Noise Removal, and it also supports VST and
LADSPA plug-in effects.


Known Problems:
The following are known bugs in Audacity 1.2.3:
Audacity can import and display MIDI files, but they cannot be played
or edited.
Linux: Recording in full duplex (play existing tracks while
recording) on some systems causes mono recordings to sound distorted. To
work around this problem, set Audacity to record in stereo.
MacOS X: Audacity cannot work with files or folders that are
contained inside folders with international characters (accent marks,
etc.) in their names. Note that files with accented characters work, and
Audacity projects with accented characters work. Only files inside of
folders with accented characters in their names will cause problems.

Changes in Audacity 1.2.3
Windows: Fixed a bug that caused recording to stop or display
incorrectly after about 50 minutes, on some Windows systems. (This was
partly fixed in Audacity 1.2.2, but still didn't work on some systems.)
Mac OS X: Fixed a major bug that caused Audacity to crash at
seemingly-random times on Mac systems, especially during playback or
recording.
The Change Pitch and Change Tempo effects have been upgraded to use a
new version of the SoundTouch library by Olli Parviainen, with better
speed and higher quality.
libsndfile has been upgraded to version 1.0.11. Audacity can now
import Sound Designer II (SDII) files.
Fixed a bug that caused the program to run slowly when using the
Envelope tool.
Shift-clicking on a mute or solo button now un-mutes (or un-solos)
all other tracks.
Nyquist plug-ins can now accept strings as input. Also, a "Debug"
button has been added to Nyquist effect dialogs, which allows you to see
all of the output produced by Nyquist, for aid in debugging.
When the audio file referenced ("aliased") by an Audacity project is
missing, Audacity will now always play silence. Before, Audacity would
sometimes repeat the most recent audio that was played previously.
VU Meters will now always reset when audio I/O has stopped.
New or updated translations: Italian (it), Hungarian (hu), Ukrainian
(uk), Spanish (es). Polish (pl), Simplified Chinese (zh), Norsk-Bokmal
(nb), French (fr), Russian (ru).
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Audacity is being developed by a team of volunteers under
the open-source model. It is written in C and C++, using the wxWidgets cross-platform toolkit.
Those interested in tryng out this program should visit the Audacity page over at
Sourceforge for a download and more information.
Source: Audacity Development team