If you use Peak, I've found that just about every version except the TDM (or whatever they are calling it these days) is just a bit too limiting. So, if you opt for peak you'll probably want to skip the LE version.
Other tools:
Spark (there's a free version) -- Hate the interface, but folks are using it, so it must work for them.
Amadeus : Shareware, has some nice features.
On the high end there is: Logic, Digital Performer, Pro Tools (like Peak, skip the free/LE version way too limiting), among others. I would try either Peak or Amadeus first. If you can run Mac OS 9, then you might consider WaveBurner which is a CD burning application by Emagic, but has built-in editing, so it be exactly what you are looking for.
Wayne