WavePad really reminded me of Audacity while I was using it. The layout is different, but the menu items are familiar. I suppose that could be because all audio editors are similar and I've only every really used Audacity, or WavePad might actually be built on some Audacity components since Audacity is FOSS. I guess the former, though, since I think anything built on Audacity would also have to be FOSS.
But I digress. WavePad was quick to install and uber-intuitive. It has some cool buitl-in effects and can encode a finished show into a variety of formats.
And you know what? Even the Masters Edition is only #38US right now (and no, I don't make a penny off it!). Pretty decent.