Thats a loaded question since there are so many to choose from. Most of them will record well, but do you need other features such as audio sequencing ( most likely you will use this sometime down the road ).
REAPER - Audio/Midi sequencer as well. This baby is only $50 and has envelopes of all kinds. This is why I consider this one to be the best audio/midi sequencer on the market today in this price range. The baby is so fast and light. Very well designed from a performance perspective. VST support. I don't use this one now because I have to register it, but I plan to.
Acoustic Labs Multitrack/Multitrack Plus - Also the best design as far as performance goes. These guys know how to design software and it shows. Very easy to use. Loads of features. High performance. No VST support though. $30 for 8 track version, $50 for more tracks and real-time effects. Even though it doesn't support VST, they have incredible effects built in. These are not cheezy effects, but well designed, and top quality.
Voyetra Record Producer Deluxe. I use this for midi and audio sequencing. Easiest to use, but lacks some of the more professional features like ( envelopes which I find indispensible ). I use this for when I need to modify existing midi songs, or come up with something simple. Their audio surgeon ( wave file editor ) is very good. They do not support external VSTs. $59
