Sound recording/editing has become a common practice in many classrooms. This is especially true with Foreign Languages and even SPEd Classrooms. Up until recently I always used Audacity. But I recently found Myna from aviary.com. Myna is a web based solution for sound editing and recording.
Here are a few of my pros & cons for each:
Pros: Free, Web based, Fairly easy to use, no software to dowload. Has lots of sounds and music preloaded. No extra file extensions to add on.
Cons: I had problems with downloading as a .wave file, Requires a registration, (but could be resolved by allowing your students to use (your gmail username)+(student's lastname)@gmail.com) or you could create a generic username and password for all your students to use, as long as you change the password when the project is over.
Pros: Free software, lots of functions/abilities, exports files as .wav. ability to export as .mp3(see cons)
Cons: User interface can be intimidating for some users. Must download file extension for each computer to enable .mp3 (this can be a real pain, depending on your network/image configuration)
So as of today, I'm switching to Myna. (Click here, Instructions for Myna)