oh that's a difficult one... CAke walk is ok, my problem with it was it kept on screwing around with my timing... At first i thought it was me... then i played the same chord progression as that which i recorded... and i found that at first i started off in time, and a echo developed, and then totaly went out of time...
Have you got an fx box? I found recording straight from guitar, that your dry signal can be very flat.. and even after the us of the effects on the pc it wasn't quite right... but saying that the results are pretty good...
I'd recomend "sound forge", great program, and you can do loads of stuff, and a whole loada options..
hope this helped