Audacity is free software, distributed under the GNU GPL (General Public License). It is available on all major platforms such as Windows, MAC OS X and Linux. With this freeware you can record and edit sounds. Many interesting features stand at your disposal.

Audacity supports most of the common audio formats such as MP3, WAV, OGG and AIF.
You can easily edit your songs by copying&pasting the desired parts or mix tracks like a *real* DJ. Some of the effects that you can apply are: Bass Boost, Noise Removal, Repeat and other limiters and small functions. This freeware has a low memory usage.

audacity screenshot

The drawback is that the interface is very basic and the controls might be a bit uncomfortable, at least at the beginning.
For an amateur “sound designer” like myself, Audacity is more than enough for me. If you really want to get into audio editing, than a commercial software is more appropriate.

Download Audacity

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Audacity – audio editing freeware