Audio Recording

Audio Recording 101
The quality of recorded audio is essential to the success of any track that incorporates it. There are two categories of factors that can affect the quality of recorded audio: hardware/setup related factors, and performance related factors. It should be stated that there is a virtually unlimited list of topics one could discuss in the context of audio recording, and that those mentioned below are only some of the factors that can contribute to success.
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Hardware & setup related factors:
A big key to success and quality of any audio recording session is equipment. There is a great article on microphones under the hardware section of this wiki - I recommend you check it out. In general, there are two types of microphones: condenser and dynamic. Condenser mics are optimal for studio vocals and acoustics because they will pick up the subtleties of your voice and/or instruments (along with everything else in the room), while dynamic mics are better for live performance and recording amplified sounds like electric guitars because they are good at filtering out background noise and echo. 
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For studio vocals, its best to record in a small, soft space with a condenser microphone. Professional sound shields and acoustic foam are a plus, but are expensive and aren't the only way to dampen background noise - a small alcove or closet with towels hung on the walls can achieve the same effect. Recording in a big room is great for acoustic guitars and winds and can sometimes give your vocals depth, but usually contributes to echo and fuzziness that will cause headaches when you go to mix your vocals in with the track. It's recommended that you shut off all fans, air conditioners, or other noisy appliances when recording as these sounds can sneak into your mix as well. Dynamic microphones can be preferable if these background noises are inevitable.
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A pop filter will provide huge benefits to your final sound quality. 
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Many DAWs have built in recording functions, but it can be helpful to record with a dedicated audio client; Audacity is a great one that is FREE. It has a lot of powerful editing tools that I’ve found more useful than some of those built into popular DAWs. Its important to export from external clients at high quality though, otherwise you'll find yourself scratching your head wondering where your fidelity went.
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Performance Related Factors:
For condenser mics, its best to deliver vocals from about a foot and a half to two feet and acoustic instrumentation form 4-6 feet as bringing the sound closer can make it sound unnatural and uneven. It's important to play your track or a metronome in your headphones as you record to keep you in time, but make sure that your mic isn’t picking up the sound that leaks out of them (aka play it quietly). 
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For dynamic mics, its best to record from very close (2-8 inches). Dynamic mics can be very effective for recording amplified instruments like guitars; to do this, place the mic a short distance from the amp, facing directly into it. 
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Recording in stereo can give your sounds some depth and make them seem more organic. It requires the use of a left and right mic and digital input, though, so its a more advanced setup. Stereo tends to be better for mids and highs as low end frequencies don’t play well with one another (the L vs R differences in frequencies will create a distracting amount of dissonance).
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The golden rule for recording: Do multiple takes! We live in the digital age and as such can record endlessly for free (excluding the price of electricity), so don't be afraid to run it back. More takes = more options to choose from in the final mix. That being said, your 20th take will probably not be any better than your 15th, which is unlikely to be better than your 10th (it could very well be worse due to fatigue). Don’t be afraid to splice things together or cut out breaths, if you line them up nicely your audience will never know.
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Many professionals will make two or three passes at a recording and be done with it. It is common practice to break a larger performance up into sections so that they are easier to record - for example, it’s helpful to stop one section and start another where the artist needs to take a breath.
Its best to experiment with all of the variables that you can when recording as the optimal setup and technique will change with the intended sound and the components involved. Some good variables to play with: microphone angles, distance from mic, sound shielding, mono vs stereo recording, and the various settings available via your recording client.