If you're looking to record and edit audio or soundtracks, you could do a lot worse than Adobe's Audition 3. Multiple waveform views and a full set of editing and processing tools highlight the package. File-level integration with the rest of Adobe's creative suite renders it a good match for users of Premiere, After Effects, etc. The program also rips and burns CD.
Audition 3 supports the industry standard VST plugin effects and processing modules in addition to its own integrated effects. If you need something more than the capable and free Audacity, check it out.
Note: This link takes you to the vendor's site, where you must register to download the software.
--Jon L. Jacobi