Audacity is a cross platform audio recording program. It offers easy recording editing and export features. Audacity is a free download at:
http://audacity.sourceforge.net/

Documentation

• How To Guide
• Extended How To Guide
• Video Tutorial

Requirements

• A computer running Windows, Mac OS  X, or Linux
• Microphone (line in, built in, or USB)
• LAME encoder (from Mp3s)

Pros

• Free
• Compatible with Windows, Macs, Linux
• Simple recording
• Easy import/export
• Easy splitting/cropping
• Built in Effects presets, e.g., fade in

Cons

• Mp3 export requires initial setup
• Volume adjustment
• Non intuitive interface
• No video support