Expstudio Audio Editor Free
A newer version of Expstudio Audio Editor Free is available.
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Full user review
"Good program - but not freeware."
Very easy to use and reasonably good funcationality. Good set of filters.
Not freeware - there is a lot of functionality that you have to pay for (including basic funcationality you'd expect, like saving files in MP3 format). Also somewhat unstable in Vista.