REAPER is a powerful but sensible Windows application that lets you record, arrange, edit, and render multi-track waveform audio. It provides an extensive set of features, but is a very small and lightweight application (the installer is less than 1 megabyte, and includes many effects and a sample project).

REAPER supports ASIO, Kernel Streaming, WaveOut, and DirectSound for playback and recording. It reads WAV, OGG, and MP3 files, and records WAV files. You can arrange any number of items in any number of tracks and use audio processing plug-ins (DirectX and Jesusonic). REAPER also supports volume, pan controls and envelopes per track, multi-layer undo/redo, and user creatable color themes.