I use Audacity (http://audacity.sourceforge.net/) which is a free.
Some Uses:
I use it to get a 20second clip of a song and then send it to my phone through bluetooth to get free custom ringtones.
I also use it to convert files(it even converts some protected files)
I also use it to record the sound that comes through my speakers.(so you can get one of those new tracks on your comptuer that you normally only can listen to through a flash player)


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