REAPER is a fully featured, cross-platform (Mac/PC) multitrack audio and MIDI recording, editing, processing, mixing, and mastering environment that is only $50, has no dongle or copy protection and can be tested for 30 days with full functionality. Features include a 64 bit audio engine and signal path, low-latency single and multiprocessor performance and stability, audio effects including multiband EQ and compressor, oversampling technical compressor, convolution reverb engine, real-time pitch correction, and a dozen others. The installer is only a few MB so the app is easy on your hard drive. I recently saw it used as the recording platform for the new Digico SD8 live sound digital console at the LDI show in Las Vegas. Digico uses the platform across its entire product line.