There is finally a non-Beta version of the free (Open Source) audio editor Audacity that supports Windows 7! Version 2.0 replaces all previous versions of Audacity and is well worth the effort to install ASAP.
BUT, there is something you need to know: it installs as a separate product, which means Version 2.0 will not "remember" any settings you may have changed in any previous version of Audacity that you may have used. For example, by default, when you save an Audio "project" in Audacity, the audio is not saved. Delete or move the original audio files you used as input, as, poof, your project is no longer usable.
This also means that you should uninstall any previous version of Audacity once you have Version 2.0 "up and running". Otherwise, it is just too easy to get confused, especially if Windows still associates some audio files or Audacity projects with the old version.
http://audacity.sourceforge.net/download/