After reading [url="http://basschat.co.uk/topic/160802-audacity-alternatives-pc/page__p__1450483__hl__reaper__fromsearch__1#entry1450483"]this Audacity thread[/url] I decided to download and install Reaper then did the same for the demo versions of Kontakt Player and Guitar Rig. Then with the aid of Google to find some online tutorials along with some free VSTs as per this [url="http://basschat.co.uk/topic/77603-free-vsts/"]VST thread[/url] .
[size=3][font=arial,helvetica,sans-serif]I just won an ebay auction for a[/font][/size][size=3][font=arial,helvetica,sans-serif] Novation NIO 2 / 4 USB Audio Interface[/font][/size] so now I'm set for both audio recording and using a midi controller.
First impressions of Reaper are that it's really powerful but you need to follow some tutorials if you're new to this kind of thing.