Audacity 123 is really simple and effective tool you need to record at home. While Cubase crashes sometimes (too), the small audacity does the actual work without locking the computer.
We can add how many instruments / tracks you want, apply effects (there is a little weak), mix and export ... EVERYTHING!!
I even use it to make my guitar low (effect change in height)! With free software (Hammerhead) I made the battery, because Audacity does not have applications noon, no box rhythms ...
While this software is not perfect (far still the quality of cubase), it is an effective and easy to use! Looking on the web (hitsquad.com)

SUITABILITY/PERFORMANCE

It works fine on Windows XP, even on SP2 with 512 MB of RAM ... Now it works twice as well (I have an XP SP 4, 1024 MB RAM).
His performances have never been driving (though, once I downloaded a patch to convert MP3 mixes, It has a little screwed up the watch-house ... not make the same mistake!).

OVERALL OPINION

I use this software since a year or so.
It has been downloaded for FREE.
It works better than other software studio (which are expensive and too big for the RAM).