Audacity is a free audio editor and recorder for Windows, Mac OS X, GNU/Linux, and other operating systems. Now you can create podcasts, modify any sound. Just download to your desktop and follow the GNU General Public License. 
You can use Audacity to: - Record live audio.
- Convert tapes and records into digital recordings or CDs.
- Edit Ogg Vorbis, MP3, and WAV sound files.
- Cut, copy, splice, and mix sounds together.
- Change the speed or pitch of a recording.
When you import a file, it will show up like this:

You can listen to the recording by hitting the play, pause, and stop buttons. You can cut, copy, and paste selections.
You can highlight the area you would like to copy or cut.  | You can add multiple tracks.

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Some tips:
- Audacity writes all the changed and recorded audio to a directory called Projectname_data, which is located right where you saved the project file itself. So click save and rename your file.
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Audacity can import WAV, AIFF, AU, IRCAM, MP3 and OGG files. There are
3 ways to import files: drag and drop the audio file, go to Project to
Import Audio, or CTRL-I (PC) or Command-I (MAC).
- Always make a copy of the original before editing.
- Just
an FYI from Diane Heitzenrater - with Audacity, you need to download a
program called LAME which is an MP3 encoder that is also free in order
to convert audio files to MP3 files. This is an easy way to create
podcasts!
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