Cool Edit by Syntrillium was purchased by Adobe and is now called
Audition.
I'm using the Pro version, which I
think is the only version available...when Syntrillium owned it they had Cool Edit 2000 and Cool Edit Pro versions.
Audition
does have real time Spectrum Analysis. I had planned on posting a "Son of Mother" post someday regarding setting up my BFD and dealing with my room acoustic issues... but I haven't had time to even setup the BFD I bought three months ago! In that article, I was going to include screenshots or maybe some video of the S/A... it's pretty cool to watch for awhile and educational as well.
Unfortunately, I don't know much about less expensive packages and the features they do or don't offer.
