Well, I usually suggest Audacity for things like that.

Actually Replay Music can record MP3s from any Online Radio Station. And it can split songs perfectly into individual tracks, and automatically tag mp3 files with the artist, title, album and genre information.

But I haven't seen any sound editor like this. And I don't think it is a good idea to play your large .WAV files and re-record them with Replay Music. May be you can record your radio station on your PC with Replay Music.