John, you've asked a mouthful! There are hundreds of apps for recording out there, some free, some not, some very expensive. Generally, you get what you pay for, but most have demo versions you can try out.
Your biggest limitation as far as multitracking is concerned is your soundcard, because it only allows two lines in (line in L and R), assuming it's a standard garden-variety sound card.
www.homerecording.net is a great site for learning some of the basics. It's a steep learning curve, no doubt, but not insurmountable.
You can get a very good recording for not much money, but not for free. But you will need a TON of time, especially you're first time trying. But it's a ton of fun!