If you're looking for a free audio editor / recorder there aren't all that many alternatives. For simple audio editing / recording needs, Audacity is easy to use and has a very small footprint. It's pretty cool that you can use VST effects and there are a TON of free VST effects out there (KVR-VST has a huge database of free plugins). If you need something a bit more powerful or want to do some multi-track editing, there are plenty of non-free alternatives for you to pick from. For more simple jobs, e.g. trimming or consolidating audio clips, removing hiss or noise, changing dynamics, etc... try Audacity first.

It is the best audio editing software for the multimedia professionals. Good alternative to other expensive tools. Open source license.Audio files can be edited /converted among most popular file formats. Recording and effects menu features. Easy to use. Advanced features to make the sound quality at best.User friendly GUI.Less use of system resources.Small file size.No need to purchase and it is free!!

Audacity is a fantastic piece of free ware, useful for people who want decent sound quality, without spending anything, with a good range of effects and editing tools. Compatible with most computers these days, as it isn't too hard on most systems.