Hey axemeister, here's how I would do it if I could start all over and leave out the non essential gear - without getting too expensive.
-------------
Tone generator:
Boss GT-Pro - IMO far far superior to the POD or GNX series. The modellers sound realistic and the number of effects and combinations is more than enough. To my ears it is the best tone generator out there (besides going all out and buying a Mesa Boogie Triaxis). Plus, the GT-Pro connects via either USB, SPDIF, or direct 1/4" jack to your computer and can be tweaked on your computer via USB and software suite.
-------------
Sequencer/mixing/editing etc:
Cubase SX3 (or Cubase LE if on a budget)
Or...
ProTools (or ProTools LE if on a budget)
personally I like Cubase because it was the one I started on and it has a lot more VST's and midi capabilities available
-------------
DAW interface (if you have the funds):
Tascam US428 (on a budget)
or
MAckie HUI (if you can splassh out a bit)
-------------
Soundcard:
Either an M-Audio Delta 1010 (what I currently use) - or a good firewire device
-------------
Midi Drums:
DFH Superior (realistic midi based drum sample trigger)
-------------
And of course, a good pc with LOTS of RAM and the fastest most pwerful processor you can afford
-------------

You could also look at something like Guitar Rig 2 by Native Instruments (if you want to stay software based). And hook it up to a sequencer/production suite like Cubase/ProTools/etc. You'll still need to have a good soundcard and pc though...