Cakewalk GuitarTracks Pro (version 3). Dead simple, intuitive, no midi, comes with some pretty decent drum samples for looping. Drag and drop drum programming with the loops/sample - even create your own as .wav files and import them in.
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If yer a geetar player, CWGTP 3 comes with the Amplitude guitar amp modelling VST plug in. IMO, not bad at all - does a passable Fender/Gibson vintage tone and an OK Marshall/Mesa tone. You could probably tweak it for some additional bass-appropriate tones. Lots of post-processing plug-in effects as well.
You won't be disappointed. I think I paid about $150 retail for the package.
I've had the opportunity to use Soungforge, Cakewalk Pro, tracktion, Protools Free, n-track and few other freeware, shareware, evaluation dealies and I keep coming back to CWGTP3.
DD