One more free one- (post copied from alt.comp.freeware)

WaveShop v1.0.04.006

WaveShop is a free, open-source audio editor for Windows XP/Vista/7. WaveShop is fast, lightweight, and bit-perfect,
meaning samples aren't altered unless they need to be. Editing a portion of an audio file only affects that portion; the
rest of the file is untouched. Blocks of audio can be cut and pasted without changing their contents at all ......


What's New:

Static and Real-Time Frequency Spectrum Analysis.

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Static Analyzer: -> Audio/Spectrum

Screenshot:
http://waveshop.sourceforge.net/images/screenshots-xp/waveshop-audio-spectrum.gif

Real-Time Analyzer: -> View/More Bars/Spectrum

Screenshot:
http://whorld.org/waveshop/waveshop-RTSA.gif

Both have extensive configuration; with the Real-Time Analyzer supporting multiple plot styles, averaging, peak
hold/decay, etc.

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The relentless development of this nice audio editor continues.

Home page:
ttp://waveshop.sourceforge.net

Installer and Portable versions - 32 and 64-bit:
http://waveshop.sourceforge.net/download.html

Screenshots:
http://waveshop.sourceforge.net/screenshots.html

Complete file format list:
http://waveshop.sourceforge.net/Help/Loose_ends/File_formats.htm

Release Notes:
http://waveshop.sourceforge.net/relnotes.html