Well, software side, I think any multi track software will do. I don't know what ProTool is, but you can go for
Adobe Audition, Cool Edit, Fruity Loops 5 (not lower), etc.
As for hardware, I use an old Sound Blaster Live! Value which got a Line In and I use an old Realistic Mixer (going for a new behringer soon) to get the instrument/mic in.
With this setting I can do almost all I want. The only thing is that you can't record every instrument on the mixer to separate track unless you record them separatly. E.g: you record the guitar, then the bass and then the drum, if you try to record them all in one shot you will get only one wave file, which you can't edit instrument per instrument on the computer.
So, what you need is:
1- Multitrack recording software (
https://www.adobe.com/products/audition/main.html)
2- A sound card capable to record a device (other than just the cheap mic) (
http://www.soundblaster.com/products/welcome.asp?category=1&subcategory=206&)
3- An interface between the mic(s) and you sound card to be able to record multiple input at once (like a drum, or if you record a guitar with 2 mics) (
http://www.behringer.com/MX602A/index.cfm?lang=ENG)
If you want to interface every input into your computer, e.g, record multi mics and having multi track recorded at the same time you will have to buy a multi-input sound card which can cost a lot!
Also, if you want to only record ONE device at once you can do it WITHOUT the mixer, but sometimes the sound card doesn't react well (mine wasn't, I bought it in 1998)
Well, that's about it, good luck!
