http://www.acoustic-labs.com/. For $20, this is the best application out there for powerful, easy to use, 8 track software recorder. I evaluated it and ended up purchasing it for my brother who is not a computer wizard. It is just too easy to use and very powerful. They now have a plus version for $45 dollars which I plan to purchase. It includes audio loop sequencing too.
Oh yea. It has an excellent wave editor as well. The Plus version has real-time effects. The standard does not have real-time effects. You have to apply the effect, then save, and listen. With the plus version, you can hit the button to add reverb and it is immediately audible. Have fun!