A tip... save $100.00 or so and buy a Boss Micro BR off ebay. It is a guitarist's dream. A digital 4 track recorder (really has 32 tracks) with full amp modeling, a basic drum machine with hundreds of loops that you can arrange together for complete songs, a metronome, a "trainer".. where you play along with mp3's but it takes out the guitars and leaves you playing with the drums and bass, and the capablity to record CD quailty music (and has a line in for a mic, and a built in mic. too).
To give an idea I'm posting a short song (original) that myself and friend in Australia did. He also has a MicroBR and we did a collaboration via email. I wrote the riffs, and recorded them straight into my BR by the metronome, sent the file to him, he then added another guitar, and bass. He also programmed ALL drums in the MicroBR. What I mean by this is all the drums are loops in the BR that he arranged to go with our guitars, this is easy to do when you record with a metronome. EVERYTHING you hear was done in the little machine. Guitars plugged straight into it, not a single amp used in any aspect.
Get one, you can't go wrong... much better than struggling to record on a computer, and very cheap. Best muscial investment I have ever made.
Ray