Digital Recording ?

Does anyone here know what I would need to digitally record myself and play it back through my PC? I was told to buy cakewalk pro audio and a new soundcard. I was told by a friend thats all I will need. I currently have a Line6 Flextone II XL which is midi capable so I should be able to use cakewalk to grab the MIDI data and then play it back utilizing cakewalks effects...If I am not correct please let me know. Eventually I would like to start building a home studio but, I'm not too sure what type of euipment to buy. I mean for right now I do not need some extravagant setup but, something OK. So I was going to use Cakewalk, maybe the new Pro Tools Mbox, and possiby buy a new soundcard (Soundblaster platinum). Please any suggestions or recommendations will be greatly appreciated. All together for everything my price range is about $2,700. I plan on utilizing my current PC and my flextone everything else I plan on purchasing.

Thanx in advance...

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

The reason why the sound is "flat" is because ideally you should be putting your guitar through an amp, turning the amp up, miking it, running that into a mixer, then into the computer. Hang on, this isn't an ideal world. The best use of amp modelling technology is in the recording area, where you can use something like a POD to effectively cut out all that hassle. Going from guitar to effects and into the computer doesn't help much becaus ethe effects are designed to into an mp that puts the final colouring on the tone.