There are too many questions asked here to be answered easily. Everyone wants the cheapest/best home studio. My advice is to find a digital multitrack recorder that you are comfortable with, then put some money into a decent computer if you haven't already done so. A good multitracker will allow you to record tracks without the technology bogging you down, and then the computer will give you the power and versatility to run software apps like Sound Forge for final mastering that will go beyond what any hardware can do. SF allows very precise cut-paste editing and it has compression tools that allow you to get the maximum volume from your music without clipping for CD.