REAPER (Rapid Environment for Audio Prototyping and Efficient Recording) is

a powerful but sensible Windows application designed for the recording, arrangement, editing, mixing and rendering of audio. REAPER provides a flexible but easy to use interface that is equally suited to amateurs and professionals alike.

Oh, and it’s freeware! (for now)

REAPER versions 0.4-0.99 are freeware, but starting with version 1.0 the license will change to very reasonably priced (with amateur and professional rates/support) uncrippled nag-free shareware, supporting unexpiring full functionality in unregistered form.

Kinda looks like old Cakewalk mixed with old ACID.

Features (Basic)

  • Support for an unlimited number of audio tracks
  • Audio tracks are all fully routable (multiple inputs, outputs)
  • Volume, pan controls and envelopes per track
  • Supports audio processing plug-ins (DirectX, DXi, VST, VSTi, and Jesusonic) with automation, easy chain manipulation and editing
  • Pitch shifting and time stretching
  • Fast, reasonable and usable Windows-style UI, working well on both low and high resolutions or multiple monitors
  • ASIO, Kernel Streaming, WaveOut, and DirectSound support for playback and recording
  • Reads WAV, OGG, MP3 and MIDI files, records WAV and MIDI files
  • Can render to WAV, OGG, MP3 if lame is installed
  • Full SMP support (can utilize 2 or more processors)
  • Multi-layer undo/redo support
  • User creatable color themes

Visit Cockos for more information and a link to download REAPER.