;) G'day maestro41,
Welcome,although I'm new here too.For running multiple VST (
Virtual Studio Technology(I think))or DirectX effects, I recommend Synapse Orion or Fruity Loops. These are probably the cheaper options, I don't know if you can do this with any freeware. Keep in mind that you need a low latency on your sound card not to have delay when you play, and the sound coming through effected. I don't know the latency on these cards, but mine (
M-Audio Audiophile USB) is 9.3 ms, which is just enough to play with. You can track audio in both Orion and FL, and these sequencers would both be great for making drum loops to add. For tracking out your drums and guitar, I recommend Acid, though. It's really easy to use and you can see your audio's waveform when mixing. Maybe you could use Sony Sound Forge or
Adobe Audition for recording, but you can get away with using Windows sound recorder, perhaps. Free demos of Orion and FL are definetly available.
Hope you enjoy digital audio,
Cheers, Nix