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Audacity is available for free on Windows, Mac OS, and Linux with source code available here.
Con Doesn't retain audio integrity
Audacity uses destructive editing, meaning applying effects, cutting, etc is non-reversable after you've saved a project.
Con Not seen as a full DAW
Audacity doesn't have the capabilities of popular DAWs and generally isn't considered to be good option.
Con No real time effects
Users are unable to change effects in real time with Audacity. If effects are to be changed, no sound can be playing or recording.
Pro Over 22 years worth of development
Sound editing software for that has been developed for over 22 years.
Con Windows and Linux only
Linux is supported as of version 5, but no OSX.
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