Another very good and for personal use free recording software is Krustal Audio engine. It has a great Look and feel and is very easy to use. I gave Audacity and Kristal a try and preferred Kristal:
http://www.kreatives.org/kristal/
Greetings
Christian
Guitars: Fender Telecaster Standard, Squier Classic Vibe 50's Stratocaster, Yamaha Pacifica 412V, Dean Vendetta, J&D LS-1, Collins Stage Western
Amp: Vox Valvetronix AD50VT, Fame GX60R
Pedals: DIY Box of Rock Clone, DIY Linear Power Boster, Marshall Guv'nor Plus, Marshall Regenerator, Digitech Bad Monkey, Harley Benton OD-100, Harley Benton DD-2, Behringer Hellbabe HB01 Wah, Boss DS-1, Boss TU-2, Boss DD-7, EXH Small Clone