I have Cool Edit Pro 2.1 for the computer and I record directly from my mic to the computer.
When I'm multitracking I always hear the first track on my second one. For example, I'll record a guitar on the first track. Then when I hit record
on the second track the guitar (which is playing back - so I can hear it to synch up the vocals etc..) is also recorded... and now it's even louder than before and you can't realy hear what I've done! Oh yes, I record through the "line in" jack.