The first one is an excellent audio editor; shareware. But.....
Does loads of little nice things to sound waves, including....wait for it...a reather good (should I say so myself), Graphic Equalizer. Yeaaaah!!! Every home should have one.
This one, on the other hand, will do an absolutely marvellous job converting all your huge .Wav files into nice tidy little MP3's, and vikky verka. VBR, CBR, you name it, they've got it. Records up to 160kbps with oversampling. This one's free, but you can, of course register(shhhh, there's that dirty word again) and get plagued with loads stupid E-mail from people who want to sell you their product. Enjoy
Lets get those faders movin' now foaks!!!