REAPER is a powerful but sensible Windows application that lets you record, arrange, edit, and render multi-track waveform audio.

Main features:
- Supports ASIO, Kernel Streaming, WaveOut, and DirectSound for playback and recording
- Reads WAV, OGG, MP3 and MIDI files, records WAV and MIDI files
- Lets you arrange any number of items in any number of tracks
- Supports audio processing plug-ins (DirectX, VST, and Jesusonic) with automation
- Volume, pan controls and envelopes per track
- Multi-layer undo/redo support
- User creatable color themes

Download: Reaper v2.2