I am working on a little dsp project doing audio processing (e.g., Nyquist rate sampling, over- and undersampling, reconstruction) that is real-time embedded using my board. The current board/chip I am using is the msp430 series from Texas Instruments.
MSP430F5438 Experimenter Board <-- ( Among recommendation ) http://focus.ti.com/docs/toolsw/folders/print/msp-exp430f5438.html
First of all would you recommend buying a copy of matlab or octave as my main coding tool. I am using the CCS ( Code composer studio) from Texas Instruments of which came with my board.
Second is there any DSP (Open source) Library's for c/c++ that I can use for my project.
I think Matlab may be useful for getting algorithms down "on paper" without having to worry about hardware. It's also useful for the various DSP functions that you may want to try (which either come with Matlab or are available as a package/toolbox). However, a function that you get "for free" in Matlab would need to be rewritten if it doesn't exist in a C/C++ library.
Also you will eventually need to get the code into the MSP - I've used CCS in the past, as well as, IAR Systems which I was very happy with.
For your second question, check out answers to this SO question which asks the same thing. One link that looks promising is this one: http://spuc.sourceforge.net/.
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