Soundblaster has the facilities you want and cost about £20.00. Below is an extract from the help file.
WaveStudio is a Windows-based application that allows you to perform the following sound editing functions easily:
Play, edit, and record 8-bit (tape quality) and 16-bit (CD quality) wave data.
Enhance your wave data or create unique sounds with various special effects and editing operations such as reverse, echo, mute, pan, cut, copy, and paste.
Open and edit several Wave files at the same time.
Import and export raw (.RAW) data files.
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