Thanks for all the input and tips! Sounds like Reaper might be the way to go.
Correct... sorry that wasn't clear. The tracks will be layered, not all at once. I'll be playing different instruments, but one at a time!
I don't know why nobody ever mentions it but look into Cakewalk. It's actually free. It's very very powerful and extremely well put together. It's one of the oldest DAWs and until recently was a very expensive commercial product (until Bandlab picked it up and gave it out for free - and it's continually being upgraded). Personally I found it easier to use than Reaper. That being said, Reaper is pretty great too.