Traverso is an open source cross platform multitrack audio recording and editing suite, with an innovative and easy to master User Interface.
Normally, you'd pay good money for such a multitrack audio editor so it's definitely worth a look if you're thinking of pslahing out on one soon. The program is aimed at both professional and home users although if you've got no multitrack experience you will have to spend some time getting to grips with it. Traverso is a complete audio mixing solution from recording to CD authoring. The advantage of this is that once you've mastered it, there's no need to learn a whole host of other programs to see your final product. This constitutes one of the biggest selling points of the program - speed as it offers a complete non-linear audio processing solution. Since it's open source, there are various add ons and plugins that can be easily added and all edits can be replayed in real-time with no rendering or waiting time. This is a massive bonus if you're working with Mp3 tracks or other compressed formats that usually require conversion or decompression before playback is allowed. The program has now been expanded to include native reading of FLAC, OGG, Mp3 and WAV format. It's also been updated to handle the importing of different sample rates regardless of your sound card's capabilities.
Traverso is no substitute for a professional multitrack editing program and professionals will find it limited but beginners should look no further to get some experience.