What software and hardware do I need to multi track reocrd at home?

Question:Doesn't need to be a presentation quality recording.
Just descent recording for making loops, and fun stuff.

My computer has a 2.8 ghz processor, 512 meg of ram, and a 400 gb hard drive.

What other hardware do I need, and what is the simplest and best software needed to record multiple tracks and make loop tracks?

I am not a sound or computer engineer.

Thank you for any advise you can offer.

Best Answer - Chosen by Asker: Doesn't need to be a presentation quality recording.
Just descent recording for making loops, and fun stuff.

My computer has a 2.8 ghz processor, 512 meg of ram, and a 400 gb hard drive.

What other hardware do I need, and what is the simplest and best software needed to record multiple tracks and make loop tracks?

I am not a sound or computer engineer.

Thank you for any advise you can offer.

You need a USB or Firewire interface and of course at least one good mic. Many come with software. ProTools is the industry standard but Cubase is good also. Digidesign makes a Mbox Mini for $295. that comes with ProTools LE. The PreSonus Inspire 1394 comes with Cubase for $149.
A decent mic is the MXL990 for $70. You can look at this stuff on-line at musiciansfriend.com or americanmusical.com.

If you have/had a Mac it would probably come with Garage Band (or if not get it as part of Ilife) and you could use it with the Mac's back mike jack. However, having a USB or FireWire interface would allow you to use a decent microphone.

It's kind of hard to advise when we don't know if you're running MacOS, Windoze, Unix or what??