Yes, the line is is best. As a guitarist, you probably have an effects processor, so you won't need a lot of software effects. For software though, I'd recommend Acid Music. You can record different takes, sort out what you don't like so you can preview it. You can hear your different takes as you're recording a new ones, and you can record other instruments like keyboards, vocals, drums or whatever, and hear them all while you're recording. After you're done with a mix that sounds good, load those WAV files into CoolEdit to clean up the hiss, hum, compress it, EQ it, play with the other effects if you like, save the WAV files, then either reload into Acid to finish the mix there, or into another program of your choice.
I recorded and produced a demo CD for the Detroit metal group DIG using Acid. The demo's went around the local scene and they got really big in Detroit and opened for Misfits, Fear Factory, Superjoint Ritual and other groups shortly after the demo got out. When recording the demo, they also only had 1 guitarist, a singer and a drummer. I was able to compensate for lack of a bassist and 2nd guitarist just by running different takes, and tweaking the EQ's on different channels to give it bass. If you're in a band and have a drummer, you'll want to get a mixing board or a 4 track, and several mics to make the drums sound good. one mic near the kicks, one up high by the hats, and one between the snare and toms, and tweaking the volumes and EQ for each channel on the mixer should do wonders. Also of course, use headphones, so you're not picking up feedback and extra noise while recording.
Justin
http://endoftimeproductions.com
