Wow, thanx for the link.. I made it a favorite.

As a lifetime musician/songwriter/entertainer, I can tell you that if you can't bother doing the research to determine if this, or similar, application is what you're looking for to do your CD, it's gonna be tough for you to do the learning involved in changing over from tape to digital recording.
I'm not knocking your plan or anything like that. I just know that I've got several nice apps of this nature (thanks gaotd!) and they all confuse me when I consider trying to create tracks. I need to read, read, read . . . and I'm guessing that you will too.
I think a lot of the very serious do-it-yourself recording folks lean towards the freebies, Audacity and Wavosaur, of which I find the former very confusing . . . then again, I haven't bothered studying the program. I think there's a zillion muso's out here with the exact same question(s). We're muso's . . . not engineers!
Forty years in the biz has left me, uhhhh . . .
Good luck.
http://www.homerecording.com/

I want to produce an album (vocal,guiar, etc)Does this program do that? I am familiar with the "old" method of production; the kind that is done with cassete tapes and a 16 track but doing the same thing through a computer is entirely new concept to me. Any suggestions?