Audacity 1.3.3 Beta

Audacity is a free, easy-to-use audio editor and recorder for Windows. Audacity can record live audio through a microphone or mixer, or digitize recordings from cassette tapes, vinyl records, or minidiscs. With some sound cards, it can also capture streaming audio. Import sound files, edit them, and combine them with other files or new recordings. Export your recordings in several common file formats.

Features:
FFmpeg support (downloadable separately) permits import and export of a much wider range of file formats, including WMA, M4A and AC3, plus import of audio from video files.
On-demand loading of uncompressed files eliminates the wait before files can be played or edited.
Linked audio and label tracks allow labels to move with their corresponding audio when cutting, pasting or changing speed or tempo.
Hierarchical plug-in grouping for built-in plug-ins .