Formerly known as CoolEditPro, Adobe Audition has a range of functionality. You can move volume, pan, and effects controls as you listen, and record changes to your mix in real time, with real-time input monitoring. Produce high-resolution 24- or 32-bit files with sample rates up to 192kHz for HD- and DVD-quality audio. Build a customized collection of commands, scripts, and effects that are easily accessible via the Favorites menu or assignable keyboard shortcuts. Standard metadata fields are included, and custom metadata input panels can also be created. Easily restore recordings from old vinyl; remove microphone pops, hisses, hums, and other audio artifacts; fix clipped audio; and repair recordings with Click/Pop Eliminators, Noise Reduction, and more.

TLA-team: Audition is a handy and easy to use tool when processing, cutting and transforming audio files. It also has some simple analysis functions. It is now part of Adobes portfolio, i.e. it is a commercial product.
http://www.adobe.com/products/audition/

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