Sound Recording/Recorder

There are numerous recorders that is available, be it a standalone hardware or a software for your computer.

Hardware

4-track tape recorder
8-track tape recorder using 1-inch, open-reel tape
16-track tape recorder using 1-inch, open-reel tape
16-track tape recorder using 2-inch, open-reel tape
24-track tape recorder using 2-inch, open-reel tape

Software

Commercial

DK Hit Kit ($15 CDN). Cheap, comes with a lite version of emagic Logic. Can edit 8 audio track and 16 midi track. Comes with a good quality mic too, easily the price of the Hit Kit itself. For Windows and OS X.

Free and Open Source

Audacity: Released under GNU. As many audio tracks as your computer can handle, and have lots of effects and plugin. For Windows, OS X, Linux, BSD, and Solaris.
Ardour: Released under GNU. 64 audio tracks and 16 MIDI tracks available. For Linux and OS X
Dyne:bolic Multimedia oriented LiveCD Linux that includes Audacity, Ardour, drum machine, and audio streaming engine, as well as tools to edit videos. Version 1.4.1 Can run on any 586+ PC (with CD reader) with 64mb RAM and X-Box; version 2.2 can run on most computer made within last 2 years.

I would recommend Audacity if possible. Yes, I do know that Audacity is not perfect, and many commercial software ARE better. However, there are a few reasons why I would recommend Audacity:

It's free and libre, and suitable for home recording... and semi-professional graded too if needed
It can be used for any operating system, not just Windows or Linux or Mac. This allow any computers that have Audacity program to open Audacity project files, without the need for a Live CD (which is useless on a Mac, as far as i know).

Get version 1.3.2b. for the most part, it is stable enough. The user manual for Audacity is located at here.

Seting up

Get Audacity 1.3.2b here, and install it.
Get LAME ver. 3.97 release here. Get the bundle version.
Extract the lame_enc.dll from the Bundle, and place it inside the Audacity folder.