This is one incredible piece of free music software! Audacity is a free, award winning, easy-to-use, multilingual audio editor and
Audacity can be used with Windows, Mac OS X, GNU/Linux and other operating systems.
You can use Audacity to:
Record live audio
Convert tapes and records into digital recordings or CDs.
Edit Ogg Vorbis, MP3, WAV or AIFF sound files.
Cut, copy, splice or mix sounds together.
Change the speed or pitch of a recording.
And much, much, more!
There are plenty of instructional videos on youtube.com. Here is one that demonstrates the difference in sound
quality between a camcorder mic and Audacity: to hear the difference listen to both halves of this short