Ok so i will record a guitar part in audacity, play it back and i hear a hissing and popping sound, how do i fix this? Also when i play the track back and record another guitar part at the same time, it clips and skips small parts and screws it up, any ideas as to why this is happening? My cpu and ram isn't running on %100 when i do that so it's definitely not the computer, could it just be audacity?
For the guitar track hiss and pop, make sure the microphone you're using isn't a very low quality mic. They usually have a lot of static and poor sound quality. Be sure to make sure the mic level and amp level aren't so high that the mic clips.

The popping during playback may be due to a poor sound card. Make sure that Audacity and your mic input are set to a high enough quality.
hmm ok thx i know my mics are good they are high quality (my bro got obsessed with recording for a while) so i'll look into a good sound card.