It has the best Windows interface I have seen on a sound editor, and is loaded with features. The drawback is that the program is slow when loading large wav files, and that you have to set the length of a track prior to recording it. My personal favourite is Syntrillium Software Corporation's Cool Edit 96. It is also very fast. The program supports a large number of digital sound formats.
Some cards have only one input connector.
If you use mic-in you will get a high noise level, and very strong signals. You can also break the electronics on the card. Select the speaker icon on the system tray and configure the Volume Control dialog to use the recording mode. If you experience noise larger than -30db, see if there are any tranformators or other equipmet that generates the noise. Record you song in 44.1 KHz stereo and save it as a Windows PCM 44.1 KHz stereo wav file.