The program will play back digital sound files, QuickTime movies, and MIDI files in the form of QuickTime movies that use instrument sounds inside your computer's system resources. Visit Microsoft's web page featuring their Powerpoint product. You can't do much animation with PowerPoint and there is no way to really do sophisticated interaction like with HyperCard. You also can't access a CD in the CD drive of your computer. But these things may not be too important for you.
Director is a sophisticated multimedia authoring package that the pros use.
It has a scripting language like HyperCard and it too is cross-platform so you can work at home and at school. Director is a little expensive, even for academics and will take you much longer to learn. I don't think you want to use this right away. Squeak will probably talk to you about using web tools for creating simple multimedia too, so I will leave that to him. Advance four squares to PowerPlace and don't get sucked up by the MicroBrain when you pass the Waterworks.