Something of a seminal moment in the history of audio studio software ... Avid are to release a 16-track freeware version of their industry standard DAW, ProTools.
It will be called
ProTools First and will ship with 20+ plug-ins (effects processors and virtual instruments) along with the ability to use cloud syncing/storage.
No news as yet (that I can find at least) regarding system requirements but I imagine that like most DAWs it will be reasonably light until you start running plug-ins and multiple audio tracks. The professional versions are x64 only and heavy on minimum hardware requirements, but I'm hoping that this cutdown release will install and run on lesser systems.