There is no exact answer to your question but suggest you use your access to the Internet to find out about all of the options you have to move forward ... What is your vision and your goals in the short term and the long run? Try macjams.com and http://homerecording.about.com for starters.... You need to do the homework since you will be spending the money! Oh, I almost forgot .... have you read the articles in Line 6 called "Guide to Recording. Part 1: the Computer" Part 2: Choosing Microphones, etc. Lots of valuable info already available from the Line 6 Community, staff and experts on the Line 6 web site. Use the search option on the top right side of the window with a few meaningful keywords. You will be amazed .... Good luck!

The only missing piece for you is a software audio recording progarm. A previous poster has given you some options to consider - and there are many.

My suggestion for the self-identified Newbie would be to start with Riffworks T4 fo several reasons:

http://www.sonomawireworks.com/T4/

- it's free!!

- it's designed for guitarists (a riff-based interface)

- it inludes an 'instant drummer' for backing drun tracks

- it doesn't confuse things with the many more sophisticated features and capabilities of a more fully functional recording program

Once you get more comfortable / experienced with recording you will notice some of the constraints of Riffworks. At that time you might want to explore another very low cost and fully-featured program called Reaper.

http://www.reaper.fm/

Hope this helps.