Adobe Audition is a great piece of recording software that I've used to record most of the songs posted in my eBay store.  It's probably not the most robust audio software, as there are some limitations, but for the money, it's a very solid product and getting better with each new release. 

It's on version 2.0 right now and they've added ASIO support, an analog modeled compressor, the ability to record external hardware automation,  new mastering tools and more.  There are also some enhanced video options, which is big if you do any soundtrack or video work.  

Adobe Audition started when Adobe, Inc. purchased/took over Sytrillium's Cool Edit Pro.  It appears that a lot of the product is still based on the CEP interface, but it's getting more and more Adobe-ized with each new release.   Since Adobe also recently acquired Macromedia, I'm guessing that they will expand the web based products as well as their audio offerings and eventually integrate them all into one big (expensive!) software package.

You can find out mroe from Adobe's website,  but I feel that Adobe Audition is a relatively comprehensive solution that carries a very moderate price tag when compared to some of the other major Audio Recording software solutions.

Epiotic

While I'm an eBay, Inc. employee, the views and content of this guide are my own and not necessarily those of eBay, Inc.