From NCH Software:
MixPad is free music recording and mixing software designed for easy audio production. Simply drag and drop your audio clips onto the timeline then mix music, vocal and audio tracks, adjust the volume, pan, fade, and add audio effects including EQ, compression, reverb. It allows you to more supported audio files than any other mixer. MixPad is the digital replacement to a studio mixing desk allowing you to create original music, remixes, mashups, soundtracks.
MixPad Multi-Track audio features: Mix audio, music and voice tracks. Add audio effects including EQ, reverb. Very low latency for sample accurate recording. Record single or multiple tracks at one time. Supports wav, mp3, vox, gsm, real audio and many more audio formats. Save mixes at studio quality wav files or compressed formats for sharing. Intuitive, simple graphical interface. Take advantage of the built-in metronome when recording and editing.