Audacity 1.3.4 Beta

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Audacity is a free audio editor.
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.

Audacity is being developed by a team of volunteers under the open-source model. Code for Mac OS X and Linux is available at the author's site.
  Audacity 1.3.4 Beta