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You can use reaper without limitations for as long as you'd like. But since the developer does such a damn good job with both the software and getting to bug fixes, you'll want to pay him the $40 for it. Buy it now while version 1 is out! You can upgrade to version 2 when it gets released for free (when it comes out, it will have a higher price tag). Plus, it's completely kickass software.
Reaper is the ONLY freeware/very cheap ware that ive ever heard of a professional studio using, thats gotta count for something. Its a great program from what my limited use has gathered. I like audacity but it uses some sort of proprietary plugin format i beleive so that did me no good. Reaper supports VST which is my second favorite plugin format.
I was gonna say Garage Band as it's served me extrordinarily well over the years, but looking at Reaper, I'd say try that out. Especially if you're on a PC. And then get an M-Audio I/O box. I haven't looked at recent models, but the Mobile Pre-USB worked great for me before I got my Firewire Edirol.