What furtive said, however, give Audacity a spin. It's free, and while isn't quite in the same league of Audition/Cool Edit, is really good.

The only thing I've used Total Recorder in the past is grabbing internet streams as they play. However many sound cards have a 'What U Hear' input on them which basically is a loopback of the output, which in my mind renders Total Recorder effectively obsolete.