From Audacity Developer Team:
Audacity is a simple, fast, audio editor that works with WAV, AIFF, and MP3 files. It supports all common editing operations such as Cut, Copy, and Paste. You can mix tracks and apply plug-in effects to any part of a sound. Also included is a built-in amplitude envelope editor, a customizable Spectrogram mode, and a frequency-analysis window for audio-analysis applications. Version 1.2 has new cross-fade effects and fixes a problem wherein samples were drawn in the wrong position when the program was zoomed all the way in. This caused the drawing tool to move a different sample than the one under the cursor. This version correctly displays translated messages in the status bar, and when the cursor is onscreen, the Zoom In button now zooms to the area around the cursor. For Mac OS X, there's a fix regarding audio problems on the Apple Power Mac G5. For Linux/ALSA, a bug in ALSA's OSS emulation that caused Audacity's playback cursor to move too quickly has been fixed. In Microsoft Windows, the Audacity source code should now compile out of the box on Windows. There also are many new or updated translations.