REAPER is a powerful Windows application for
multitrack recording and editing of audio

Features

Portable - supports running from USB keys or other
removable media
64 bit audio engine
Excellent low-latency performance
Stunning multiprocessor performance
Direct multi-track recording to many formats
including WAV/BWF/W64 AIFF WavPack FLAC OGG and
MIDI.
Extremely flexible routing
Fast tool-less editing
Supports a wide range of hardware (nearly any audio
interface outboard hardware many control surfaces)
Support for VST VSTi DX DXi effects
ReaPlugs high quality 64 bit effect suite
Tightly coded - installer is just over 3MB