Pico Audio Editor like the name implies, is a very small Audio Editor.
Its key feature is that you can edit your Audio while its playing, so each time you tweak a effect parameter it doesnt have to process the whole track again.
You can import audio from your Music Library or files however if you are importing from files, do keep in mind that right now only (FLAC, WAV) files are partially supported.
After you are done editing, you can Export your audio into a WAV file and save it anywhere on your Device.