REAPER is reasonably priced Windows software for multitrack audio production.

REAPER requires no dongle, has no copy protection, and can be evaluated with full functionality.
* 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
* 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

Editing features:
* Tool-less mouse interface -- spend less time clicking
* Drag and drop files to instantly import them into a project
* Support for mixing any combination of file type/samplerate/bit depth on each track
* Easily split, move, and resize items
* Each item has easily manipulated fades and volume
* Tab to transient support
* Configurable and editable automatic crossfading of overlapping items
* Per-item pitch shift and time stretch
* Arbitrary item grouping
* Markers and envelopes can be moved in logical sync with editing operations
* Ripple editing - moving/deletion of items can optionally affect later items
* Multiple tempos and time signatures per project
* Ability to define and edit project via regions
* Automation envelopes