I quite liked Cubasis -- It was my "I wanna pay no more than entry level, have multiple audio tracks, and a MIDI sequencer all-in-one" software. It served me well. The manual, though thin, was good enough to explain what wasn't obvious just looking at the screen. I got a Steinberg card with my Cubasis software (it all came bundled and was called "Project Pack" or something like that). Note I only record one source at a time, so I'm set as long as there's very little latency when recording, the ability to play back a bunch of audio tracks simultaneously, and ability to sequence MIDI.
I had problems with latency at first but that was my own doing, it turns out. I had my Steinberg Project card as input and my Soundblaster as output.
It's plug-in friendly. I didn't like the fact it didn't come with a ton of "better" plug ins, but then again I paid what I consider very little.
RE how best to record the bass -- definitely search around on this site. Youll find a variety of folks with experience. From my recollection of their views, you'll see a lot of folks suggesting running direct AND mic'ing a cabinet *simultaneously*. This would be to get the best of both worlds, and to mix the two later. I have had considerably difficulty getting what I consider good tone going direct (actually via a POD), but have made headway recently by getting a different bass and just going through a cheap mixer where I adjust the EQ a bit.
HooBass