
I have been testing this for a few weeks with the developer 4Pockets and it is an awesome application. It allows Windows Mobile users to record and use up to 12 tracks, with the final mix being exported to .WAV or an MP3 file.
MeteoR lets you bring audio into an audio pool from which you can import clips in standard .wav format. This means you can work with backing tracks and loops and then add vocal or real instruments on top.

The way MeteoR has been designed means that clips can be referenced multiple times without duplicating on the storage space used. Individual clips can be edited as wave forms too, and effects can be added in.

MeteoR includes a decent range of effects such as:
- Chorus
- Delay
- Reverb
- EQ
and a few more besides and has three aux sends. Virtually all of the effects and track parameters can be automated very easily. Mixing and editing facilities are very easy to use too.

Overall it is an awesome application and really worth looking at if you are on the Windows Mobile platform. I've been testing it on a Dell Axim running at 520mhz with a 133x SD card and it runs like a dream.

Here's what the 4Pockets site has to say about it:
MeteoR is a digital multi-track recorder designed specifically for the Pocket PC. The program features up to 12 tracks of high quality audio, a built in mixer and multi-effects processor. MeTeoR is ideally suited for creating musical compositions, and also a great tool for journalists and business people who need to splice and piece together voice notes, narration or dictation. Compositions once mixed can be exported to standard file formats for use on your desktop PC.
MeTeoR includes a fully featured sound editor allowing recordings to be trimmed or spliced together. You can apply various effects to your recordings either directly, as part of the recording process or in real time during playback. Editor features include cut, copy, paste, fade in/out. clear, reverse, gain, normalize, remove dc offset, time stretch and apply effect. Effects include digital delay, chorus, reverb, phaser, tremolo, graphic equalizer, filter factory, pitch shifter, tone boost and noise gate.
The Mixer and effects are fully automated using definable controller tracks. An integrated metronome with count-in helps you record your masterpiece, and If 12 tracks isn't enough there is a full stereo mixdown facility.
Minimum System Requirements
Processor: 400Mhz or better
Storage: High Speed SD or CF card (1GB x133 recommended).
Memory: Requires approx 5Mb free program momory.
Note: MeTeoR uses uncompressed WAV files in order to achieve its speed. Audio data is recorded at 44.1Kb/s (CD quality) and require large amounts of storage space. It is therefore recommended that you use a high speed SD/CF card to store recorded materials. A 1GB SD card for instance will store approximately 6 hours of recordings.
- 12 simultaneous CD quality tracks
- Multi-Effects Processor
- Integrated 12 channel Mixer
- Integrated Sample Editor
- Aux Send Effects
- Insert and Record Insert Effects
- Mixer and Effect Automation
- Metronome
- Mixdown / Bounce Facility
- Landscape Mode
- Import from WAV format
- Export to MP3 and WAV format
- Supports SD/CF Cards (recommended).
- Auto Calibration Feature
- Memory Speed Test Feature
I expect I'll be posting more on the app as I continue to use it, but if you are a Windows Mobile user, this is really worth a look.