I'm wanting a good affordable way to record. I figure software would be the cheapest way to go since I already have a computer and I wouldnt have to buy any mics and stuff. (am I right in this assumption?) So, the question is, what is the best affordable recording software? I want something that has drum tracks (or the ability to program drumtracks) in it.

You going to want to get a pre-amp if you want to record straight into your compy. Maybe a DI box too.
Fender '72 Telecaster Deluxe Reissue -> Korg Pitchblack Tuner -> Boss PS-5 -> EHX Big Muff -> MXR EVH Phase 90 -> Menatone Pleasure Trem 5000 -> Line 6 Verbzilla -> MXR Carbon Copy -> Boss RC-2 -> Peavey Classic 50
buy the Blue Snowball, its a USB condenser mic - get Audacity (free) and you can record via mic into your comp

Epi Les Paul Std w/Duncans
Cry Baby From Hell
Marshall JH-1
EHX Metal Muff
MXR EVH Phase 90
Carl Martin Classic Chorus
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Ibanez LU-20
Dunlop DCB-10
Crate V50112
Tascam US144

For home recording, I'd say buy a Line 6 Toneport, which is a USB audio interface. The cheapest one is about £40, and it comes with GearBox which can get some pretty nifty guitar, bass and vocal tones. I spent ages micing up amps and sh*t and I wish I'd found the Toneport sooner. It has pretty much no latency as well, which is perfect if you're multitracking. I used to get so p*ssed off recording through my laptop's line-in port onto Audacity only to find the tracks lagging behind.

The Toneport comes with recording software called Ableton, but it's only a trial version and I think it's a bit difficult to use, so I'd say download Reaper (which is free) and it doesn't eat away at your processing power as much as something like Ableton does.

For drums, I use Acoustica Beatcraft (which I 'acquired' for free, but I don't think it costs much to purchase the full version). The sound isn't too hot, but it's better than Midi drums on something like Guitar Pro, and it's not bad for tracks if you're concentrating more on the guitar work.

For me, this has delivered the best sound without having to fork out a ton of money. If you're in a band you could easily make decent quality recordings this way that could be used for a Demo.

Hope this helps.
^thanks =)
helps a lot
I'm new to the recording thing. The only thing ive used is Audacity and its not great lol