I see that Audacity 2.0 has been released, and I’m wondering whether it might solve the latency problems I’m having with the version I’m using – 1.1313.
But I also want to be sure it can open projects that were created with earlier versions of Audacity. I’ve already done enough work on one project that I wouldn’t want to trash it and start over.
Audacity has been intentionally designed to be backwards compatible with earlier Projects. Audacity 1.3 will not open a 2.0 Project.
I’m wondering whether it might solve the latency problems
Probably not. Latency comes from the computer. Recording Latency can be adjusted out with Audacity Preferences. That’s the one where you sing in perfect time and rhythm but it plays out of time. Real Time Latency, where you sing and it comes back to your headphones slightly late is fixed. To get rid of that you can use specialty hardware that we reviewed at the top of this page (or others similar). All other solutions are awkward, restrictive or painful work-arounds.
There was another poster who claimed that his Recording Latency wandered. Again, that’s a computer problem and that computer may not be suitable for overdubbing and sound-on-sound.