REAPER ver. 1.50

REAPER is a powerful but sensible Windows application that lets you record, arrange, edit, and render multi-track waveform audio. It provides an extensive set of features, but is a very small and lightweight application (the installer is less than 1 megabyte, and includes many effects and a sample project).

Fast and powerful editing facilities
Tool-less mouse interface – spend less time clicking
Drag and drop files to instantly import them into a project
Support for mixing any combination of file type/samplerate/bit depth/etc on each track
Easily split, move, and resize items
Each item has easily manipulated fades and volume
Configurable and editable automatic crossfading of overlapping items
Per-item pitch shift and time stretch
Arbitrary item grouping - easily group any number of items across any number of tracks (great for drum editing)
Markers and envelopes can be moved in logical sync with editing operations
Ripple editing - moving/deletion of items can optionally affect later items
Multiple tempos and time signatures per project
Ability to define regions, and quickly move/copy regions (and their contents), to quickly try out alternate arrangements
Automation envelopes for volume, pan, and plug-in parameters
Configurable locking settings (lock items, envelopes, loop selection, etc, independently)