Yep, you can. You can use a mic up to your amp, or use direct injection (plug the guitar straight into the box, and record a completely raw, clean sound).

It'll record onto the CD, then you can rip the tracks from the CD onto your computer.
Quote by alex0203
Okay, but am I able to hook up Bass and Guitar up to it at the same time?

I just had deja vu.

Anyway, yes, but I think you'll only be able to mix them down to one track. So the track will be guitar and bass, instead of one bass one guitar.

I'm not 100% on any of this by the way, but I think this is it.