quick question for you guys, what is the best recording software that you use that won't drain my bank account?
Yeah reaper's the cheapest, and its free trial lasts forever.

Then if you have a mac, garageband's good for beginners and it's around ten bucks iirc.
Also if you have a Mac, $200 for Logic is the deal of the century and you really shouldn't waste your time with anything else (for the money). But start with Garageband, it's basically Logic Lite. Last I checked, it's free, not $10 - it's $5 or so on the iPad/iPhone, but has always come free with OSX.
REAPER shits all over audacity. Audacity is great if you want to quickly split/join audio or make very minor edits, past that you need proper software like REAPER.
I agree with Chatterbox. If you just want to record for fun or short projects, Audacity will do. But if you're looking to actually strive for good production, Just get Reaper.
Tracktion 5 is also really damned good value.

Same price as Reaper, similar features but WAY less intimidating. Great value and the interface is refreshingly simple, perfect for amateur/home recording.

There's also Zynewave Podium, which has a superb free version with almost no limitations.

I'm not going to bother explaining the advantages and disadvantages of each, since all of these programs have a free demo. GO FORTH AND TAKE THOSE MOFOS FOR A TEST DRIVE!