GoldWave can do:
Play, edit, mix, and analyze audio
Record audio from cassettes, vinyl records, radio, etc. through your computer's line-in
Record dictation through a microphone or play dictation back at a slower speed for transcription
Record and edit audio for podcasting
Apply special effects, such as fade, equalizer, doppler, mechanize, echo, reverse, flanger, and more
Digitally remaster and restore old recordings with noise reduction and pop/click filters
Make perfect digital copies of audio CD tracks using the CD Reader tool and save them in wma, mp3, ogg files
Edit music for dance programs, figure skating, gymnastics
Analyze human speech, bird song, whale song
Demonstrate digital signal processing with filter effects and the expression evaluator tool
View a variety of real-time visuals and VU meters
Convert files to/from different formats, such as wav, wma, mp3, ogg, aiff, au, vox and even raw binary data

General Features:
Multiple Document Interface for working with many files in one session
Huge file editing: 4GB and beyond (NTFS only)
Configurable RAM or hard drive editing
High quality: 24 bit, 192kHz
Real-time visuals: bar, waveform, spectrogram, spectrum, VU meter, ...
Fast non-destructive editing. Cut, copy, delete, and undo take only a fraction of a second, regardless of the file size
Multiple undo levels
Many effects: distortion, doppler, echo, filter, mechanize, offset, pan, volume shaping, invert, resample, equalizer, time warp, pitch, reverb, volume matcher, channel mixer, ...
Effect previewing and presets
Audio restoration filters: noise reduction, pop/plick, smoother
Supported file formats (wav, mp3, ogg, aiff, au, vox, mat, snd, voc, raw binary data, text data, and more)
File format plug-ins for the next generation of audio compression, such as WMA, Ogg Vorbis, and FLAC.
DirectX Audio Plug-in hosting
Effect chain editor
Audio CD Reader
Batch processing and conversion
Drag-and-drop cue points, with auto-cue and file splitting features.
Direct waveform editing with the mouse
Customizable tool bars
Customizable waveform colours
Several built-in accessibility features and keyboard shortcuts

Whats New:
- Fix for FLAC encoding