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I love Audacity and use the program often to record my poetry recordings and other podcasts for my blogging related ventures. One feature I rely on heavily is the noise removal function of Audacity which removes the background fan noises from my recordings which are the result of me having 5 case fans and a ceiling fan running all the time and no matter how much foam I have over my microphone it picks up the fan hiss.
Here is a video tutorial for a quick and easy way to cleanup your audio recordings with the Noise Removal functionality of Audacity.
-Justin Germino