From Altdo Software:
Altdo Mp3 Record&Edit Audio Master is a visual multifunctional and graphical audio editor which allow you to perform various operations with audio data such as displaying a waveform image of an audio file, filtering, applying various audio effects, format conversion and more. Apply effects to selected area, zoom in/out, cut, copy, paste, mix, amplify, normalize, echo, stretch, fade in/out, invert, everse, null signal, silence, convert format, undo/redo etc. You can also record from any available source. Audio formats supported include: WAV, MP3, MP2, WMA, OGG, G721, G723, G726, VOX, RAW and PCM.
Version 5.9 fixes a bug about recording mp3 files.