Audio Editing Software?

I am looking for a free software download of anything that can take an audio track and cut pieces of it and save them as WAV files. I already downloaded TrakAx PC, but I don't know how to save the selected piece of track as a wav file, so it's just a mix now.

If you know of such a software that can easily accomplish this, please let me know.

If you know how to accomplish what I am trying to do on trakAx PC, I would really like it explained to me.

In essence, I want only specific pieces of a song or sound track like chorus, intro, solo, et cetera and save them separately.