WaveLab is Steinberg's audio editing program for Windows 95 and NT. It actually goes beyond just editing audio and functions as a complete CD mastering tool, complete with the ability to burn red book compatible CDs, ready to send off for production.
At the MusikMesse show, Steinberg announced that version 2.0 was now shipping. So what's new in Wavelab 2.0? Quite a bit! For all the sampleheads out there, WaveLab now includes direct sampler support (using the technology from ReCycle) so you can take your samples, process them, and then transfer them right to the sampler.
The number of audio processing options available has just increased as well. WaveLab 2.0 fully supports VST PlugIns which can be used for real-time and batch processing of files. WaveLab also features its own PlugIn architecture, and 2.0 includes two more new PlugIns - Peakmaster and Puncher, both for dynamics processing. Of course, you still have access to all the DirectX PlugIns from third party developers as well.
On the mastering side of things, WaveLab has some useful error detection abilities, such as finding clicks when importing audio files. And for putting your music and audio in the web, WaveLab 2.0 supports MPEG layer 3 audio files to make distributing high quality audio practical.