Now you are ready to record. I use Cool Edit Pro . The best thing about Cool Edit Pro is that you can manipulate the recorded sound by putting various effects on it, such as echo, reverb, distortion, volume fade, and more. I have to use MusicMatch to make the conversion from WAV to MP3. It is a FREE drum machine software for Windows.
Drum machines come in very handy for guitar recordings.
When I'm bored, I try to figure out the guitar parts for some of my favorite songs. I've already transcribed a few songs on paper, but haven't put them on computer yet.