Good questions, t wrex.
http://audacity.sourceforge.net/OK, I found the software.
I record music in three ways, presently.
I use old LP's and convert them to mp3.
I use cassette tapes, and convert them to mp3.
I rip CD's to hard drive and convert them from .wav format to others,
including mp3, mp4, AAC & .wmp at various levels of "quality" and "file size".
Any of the above can be burned to CD-R disks, using a CD-RW internal optical drive
I have installed in the PC, using any of several software programs, most are free.
Several things I've sorted out about the various media players & the above issues,
and have thoudands of songs to play with.
Editting them, and storing them, and in general moving them around and through the system is fairly easy with practice, but some trial & error has proved valuable, also.
So, I have some things to learn, since you must have noticed no MIDI experience, etc.
If I knew the particulars of your PC and the other components,
I could search online like I did with the audacity program, and find
the specifications that will inevitably come into the picture.
That's your first step, posting more details, as others also may be able to provide insight into the matter, better with more details.
BTW, one more thing.
My motherboard is enabled to accept the TV-out feature, they call it JTV1,
but I'd need to buy that little bit of additional hardware to make it work.
Thats the sorta thing that will creep up and make us scratch out heads betweeen posts.