Wonder if anyone can advice, please. I have just completed a clean install of Mountain Lion 10.8.1 and downloaded and installed Audacity 2.0.2 together with the LAME and FFMPEG plug-in all in their default locations. I could launch Audacity tho the first time it prompted me that my configuration was wrong. I proceeded to the preference screen and under Libraries, it indicated that the LAME and FFMPEG libraries were not found. I followed the instructions to locate these libraries and even unhid the hidden ~/Library/ folder but to no avail. I installed LAME and FFMPEG libraries and still cannot find them.
If you want to make it really easy. quit Audacity, extract the contents of the zip files to the folder you launch Audacity.app from, then restart Audacity. Then you won’t have to locate Lame and FFmpeg in Libraries Preferences.