Ambrosia Software has released the latest version of their WireTap audio application, WireTap Studio, bringing a whole new batch of features and functionality. Ambrosia calls the upgrade to the older WireTap Pro product “a breakthrough in audio recording, editing, and management.”

WireTap Studio takes up to two disparate audio inputs (a Skype phone call and a DVD, for one strange instance), from any software or hardware source you use with your Apple computer, hijacks them, normalizes the tracks, and saves them in Apple lossless format.

The software has a live preview feature that lets the user hear what the finished audio at different bitrates and sample rates, and see how large the finished file size will be at that setting.¬† Lossless audio editing features mean that the user’s original source material is always available to revert back to.

The folks at the Mac Observer were gushing about this product at the Podcast and New Media Expo last month, and we talked with the Ambrosia guys on their recommendation.¬† Watching John and Evan’s demo of the new product, it really did seem to live up to the buzz — easy to use, very powerful.¬† We’re looking forward to getting our own hands on a copy and checking it out here in the office.

WireTap Studio retails for $69, but a $30 upgrade is available for former WireTap Pro users, or for coverts from Audio Hijack Pro.