Ok, so I've got about $300 to spend on recording. I plan on recording mostly guitar and bass. I really need some help.
Fender M-80 Chorus
Line 6 UX2
Davison SG
Line 6 Variax 600
Line 6 JTV 69s
Squier Classic Bibe Telecaster Thinline
Line 6 UX2 or the new MBox Mini, hell if you want, go used and find an Mbox 2.
1987 Charvel Model II
2010 Carvin ST300C
1990 Charvette 100
1991 Ibanez RG560M
2006 Fender Mexi Strat
Jackson/Charvel Star W/ Custom Graphics.
Ovation CP 247 Acoustic
Line 6 POD HD Pro X
Pro Tools 9

Tutorial: Studio Quality Programmed Drum Sounds
If you JUST need the interface, I'd go with an M-Audio Fast Track Pro.

Also see this list of videos. I have a $500 budget starter coming out soon but may also do a $300 version later today as for that price you can get a better interface than the one suggested on the $200 budget.
People love to complain...I've worked with the FTP at a local store and the preamp was plenty loud enough for things like a Shure SM57 on an acoustic guitar.
You cant use it with standard ProTools but must use it with the M-Powered version that was made by M-Audio. I run it on my old machine just fine using a 2496 PCI card. The only thing PT doesn't like is the new 64bit OS and I'm not even sure how it works on 32bit Windows 7 these days...

Everyone is going to run into an issue with an interface every now and then and when they do, they will find a forum to complain about their issue.
M-Audio is top gear for the price you pay. The fast tracks are brilliant. Personally I prefer to mic up to raw amp tone, rather than record direct with a cable, but that's when things start to get expensive. M-Audio is budget and quality compared to some of the shocking interfaces I have used in the past.