Audacity is a nice little tool for the new and low-end. Personally, I use Cubase SX and Adobe Audition (Whichever one I feel like clicking on, really). I can't afford ProTools
Audacity is okay, but CoolEdit Pro 2 is excellent; we used to use that in the University Radio Station a few years back. Sadly, it's been bought-out by Adobe and is now called something else (Audition?).
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