Wave editor/video/internal recording?

I am using Windows 7. My version of Audacity is 2.0.6.
Do I need to update it and is this the appropriate place to ask this question?
Is Audacity the kind of wave editor that is referred to in this video?

Audacity 2.0.6 is the current version.
The latest version is always available via this page: http://audacityteam.org/download/
If you wish to be notified by email when a new version is released, you can submit your email address at the bottom of the Audacity home page: http://audacityteam.org/

Instructions for recording sounds playing on your computer can be found in the manual: http://manual.audacityteam.org/o/man/tutorial_recording_computer_playback_on_windows.html
For Windows Vista and later, the “WASAPI looback” method is recommended.