REAPER

REAPER is digital audio workstationsoftware: a complete multitrack audio and MIDI recording, editing, processing, mixing, and mastering environment. 

• Record audio and MIDI from multiple inputs simultaneously
• Layer recorded tracks and takes over previous recordings
• Edit recordings in almost any imaginable way
• Hundreds of audio and MIDI processing effects included, or choose from thousands of third-party effects
• All editing and effects are completely non-destructive

"Try it out and judge for yourself."

REAPER works with almost any hardware and can be used in combination with a vast universe of other software and plug-ins. 

Take advantage of REAPER's full functionality using only your current computer and a microphone, or use REAPER to drive an entire professional recording studio. 

http://www.reaper.fm/