I previously posted on Ninjam, an online jamming program with latency in mind. Now Cockos (nice name btw), has come out with Reaper a "multi-track audio prototyping and recording environment." Title link takes you to the Cockos site where you can also find Jesusonic, a realtime programmable effects processor as well as some non-music utilities. Interesting bit is I didn't realize this software was from Justin Frankel, the man behind Winamp. Thanks to Music Thing.
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