Audacity is the name of a popular open source multilingual audio editor and recorder software that is used to record and edit sounds. It is free and works on Windows, Mac OS X, GNU/Linux and other operating systems.
Audacity can be used to perform a number of audio editing and recording tasks such as making ringtones, mixing stero tracks, transferring tapes and records to computer or CD, splitting recordings into separate tracks and more. The Audacity Wiki provides indepth tutorials on how to do these types of tasks in Audacity. Vendors can also freely bundle Audacity with their products or sell or distribute copies of Audacity under the GNU General Public License (GPL).
The latest release of Audacity (March 2011) is 1.3.12 (Beta) with the main release being Audacity 1.2.6.