Good questions. Reducing noise is difficult. The best way is of course to avoid noise when you record (...I know it's impossible...).
There are some noise reduction tools available. In fact, I think Audacity (mentioned above) has a noise reduction filter.
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Originally Posted by Audacity
Built-in effects include Echo, Change Tempo, and Noise Removal, and it also supports VST and LADSPA plug-in effects.
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