Ive been wondering whats an effective and cost friendly way to record something from my electric guitar onto my computer. I really dont have much info or any knowledge on the subject.
I hear that MIDI's are good, but i dont know how to use them...

And while im on the subject, what would be the best option for a recording with drums, bass, and guitar?
Maybe riffs and recordings will give you a better answer.

I did this:

Downloaded Audacity and bought a $20 computer mic. Works for me