Which application allows users to record, edit, and mix narration and music?

Audacity is an audio editing software that provides users with a powerful platform to record, edit, and mix both narration and music. It is widely recognized for its versatility and user-friendly interface, making it suitable for both beginners and experienced audio professionals. The features of Audacity include the ability to manipulate audio tracks, apply effects, and utilize various editing tools to enhance the auditory experience, whether that involves creating podcasts, music tracks, or other audio-based content.

While other options may allow for certain audio functionalities, they are primarily focused on different forms of media. Movie Maker, for instance, is geared towards video editing rather than comprehensive audio editing. Videolicious 2 is designed for creating video stories, and PhotoStory 3 focuses on photo storytelling rather than advanced audio mixing. Therefore, the unique capabilities of Audacity as a dedicated audio editing tool make it the correct answer for users looking specifically to work with narration and music.