Acoustica Mixcraft. It costs money, but... well, there's ways around that. Anyway, yeah; it's really nice.
... Oh, wait. What am I talking about? Fruity Loops Studio is probably the best recording/producing software on the net. Seriously. I've been using it for about three years now, and I still don't know all the features it has. But if you want something less complicated and more user friendly, I'd stick to MixCraft.