Audacity is a free, open source digital audio editor software that allows users to record, edit, and export audio files. It has basic features like recording, playback, trimming clips, and adjusting volume. The document provides step-by-step instructions on how to download, record, and save an audio file with Audacity that can then be shared by emailing the MP3 file as an attachment. It also lists several ways Audacity can be used for educational purposes like recording lectures, interviews, language lessons, and student presentations.