Cool Edit Pro here...it's a decent program, so long as your equipment is decent. That said, my equipment is pretty much crap and we still manage to record some decent stuff. Basically, if you learn to work with the various effects and learn some tricks (like using light reverb on vocals really makes a difference between something sounding amateur and professional, even if you're using a Radioshack mic for pickup), you can record something that sounds at least remotely decent.
