http://www.reaper.fm
This program is where it's at, so to speak. Very professional program, and it's (basically) free! You can download it free of charge at the website, and it's the full program, with no time limit. If you decide to, you can buy a license later on (30 dollars for small-time operation) to show your gratitude.
I use it, and it's easily the best free audio recording program that I've ever seen.
If anyone has any issues with it, reply in this thread, and I'll try to help you out.