Audacity
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Audacity is a free, cross-platform audio editor written in C and C++ using the wxWidgets toolkit. It was started in 1999.
Advantages:
- Open source (Released under the GPL License)
- Cross-platform - (Linux, Mac, and Windows)
- Multiple tracks
- Capable of Ogg, FLAC and MP3 encoding/decoding, the latter with use of an external lame-encoder.
Disadvantages:
- MP3 encoding is not included (the algorithm is patented), but you can still download it for free.