WavePad

WavePad offers a decent number of basic effects, such as noise reduction, normalizing, fading, amplification, echo, changing speed and pitch, and reverb, and you can preview any edits before saving. There are also text-to-speech and speech-recognition functions, impressive for a free app. All told, WavePad's many capabilities and lack of restrictions make it a fine pick for all but the most advanced, hardcore audio junkies.