Acoustic Labs Audio Editor can edit wave (WAV), MP3, WMA, OGG and PCM audio files. As a bonus to old-timers this software is compatible with Windows 98. In addition, it will also run with Vista.
The editing aspects of this software are easy to use and include a great mouse zoom, but it does not support preset filters and the record options are limited. It will look for open files to record from, but does not automatically record streaming audio.
Their help section is limited; however, they do welcome direct contact should you need technical advice.

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