I agree with Kaboombahchuck and Cloakboy. Creative Labs makes some really good cards for games and general windows use. But for quality recordings I recommend getting something a little more professional. There are quite a few relatively cheap cards (some mentioned above) available these days made just for what you want. Sound-blasters do not give a flat response. They are very "tinny" (I tried several over the years and all have that same tinny sound)(whats up with that Creative labs?). The only good thing about soundblaster is its ability to use sound-fonts(cheap(if not free) and there are tons of them). Software: You get what you pay for. There are no decent FREE audio editors, plugins, or sequencers(except possibly the free Protools, and even then its limited). The sound is only of the quality of the equipment and software used. Better equipment will give you better results (and in my opinion just about anything will give you better quality than a soundblaster).

Good Luck,
DudeManCentral