Ok so I have found some noise in some preliminary audio recordings and I used a simple audio program that comes with new macs called sound studio and used a noise reducing filter on the audio and it eliminated all of it... are there any problems that could arise from this? Is there a better way to eliminate audio noise?

NR is sometimes a tradeoff between distortion/unnaturalness and amount of noise reduced.

And then there are some tricks that work for specific situations with minimal damage.

It may have eliminated all the noise, but as Glenn says, it's often a tradeoff. Have you heard the original compared against the new? I'll bet you hear some streaking or flanging if the noise had any movement to it. Sound Soap and Sound Soap Pro are the only recent good noise killers I've come across. If you'll be at NAB, I'm doing a 90 minute session on noise reduction at the post-production conference. I'll be showing No Noise and Bias tools in addition to Sony tools.

More information over at http://www.dv.com/features/features_item.jhtml?LookupId=/xml/feature/2003/rose0903_feature

And the best noise reduction is to record it right in the first place. :)

Just today a cinematographer friend of mine was telling me about being at some event, I forgot what, in NYC recently. He remarked about how the soundtrack was recorded by an analog recorder and the filmtrack was also analog. He said, yes, you could hear the noise in the background but the quality of the sound just knocked him onto the floor. He couldn't believe how good it sounded.

Adobe Audition is incredible as far as noise reduction and retaining amazing sound quality if you know what you're doing.

I myself use Cool Edit Pro to reduce noise. It works quite well to.

Audition is, what Cool Edit was...Adobe bought Syntrillium's desktop tools...

You guys might wanna check out Sound Soap, or Sound Soap Pro. They are both really great tools. Sony's tools, IMO, are the best, but also the priciest in the sub 1K range. Sound Soap Pro looks like it will give Sony some competition.