It comes with software, so I'm pretty sure they have multitracking, but might want to call them to be on the safe side.
You'll be perfectly fine doing some multi-tracking with the Fast Track. A good interface for the price point.
Quote by euroice
I am assuming that the product here will only allow me to record. Is it possible to record an acoustic and electric part separately and put them together with this gear or do I need to purchase something else?


Yes that interface will allow you to mic up an acoustic or electric amp and allow playback of one track while recording a new one.
Put some headphones on while recording with that mic and be in a quite location as that condenser mic will read the whole room and funk up the recordings in the end.

But it's a very nice starting package for the price.