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?
https://www.youtube.com/watch?v=kktbjUSjQRM
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.