Hi Mr. Sunshine:
Jeff's answer was pretty comprehensive, and I'd say I agree with all of it.
You also wanted some info regards using Hypnosis with the Binaural beat technology, though, and I can give you some first-hand advice on that. I will qualify by saying that I am a hypnotherapist (hypnotist), so you can understand I have a fair bit of experience with this, and I am also a user of Holosync and the Paraliminals.
Paul uses the H/S in the Paraliminals (which include aspects of hynposis, as well as NLP) to really good effect. If you are considering creating a binaural product for yourself to assist with hypnosis, I'd suggest you research carefully where you want to go in your hypnosis. As well, understand that hypnosis is used for a wide range of reasons - from personal motivation programming to pain control and anesthesia, and each reason works better at different depths of hypnosis. Obviously, for pain control you need a much deeper level. It might be tempting to try to produce an effect that would get you there faster, but you're probably much safer working with a certified hypnotist, and have them show you how you can achieve the same thing without technology and within a short 'down-time'.
If you are using Holosync, and want to use hypnosis along with it, the first half of each CD will bring you into at least the theta level, which is relatively deep for most motivational work, and you can provide yourself with suggestion if you are able to remain relatively conscious. I would suggest that this would be a time separate from your regular Holosync time, if you are in the program. It is relatively useless to try to use hypnosis with the second part "Immersion" of the Holosync because most of that time is spent in the delta, sleep level, which is beyond the range of where subconscious programming works, except for the subliminals that are included in the 12 levels ABOVE the initial Holosync Awakening Prologue CD.
I have used Audacity for doing some sound editing, and it is a good program, however, I'd still caution that unless you REALLY know what you're doing, don't subject yourself to prolonged periods of modulated sound just to experiment. People have been known to put themselves through a lot of misery by mis-using this stuff - even Bill Harris himself admitted to that.
Cheers!
Unis