What sort of software and soundcards are basic to utilizing the computer in home recording? I'll be using a drum machine and bass guitar, so would some software be more appropriate than others?
there's a whole range of soundcards designed specifically for recording music and optimized for this purpose. Most of them come with breakout boxes or something similar which enable you to plug your instruments directly into them using standard guitar lead type jack plugs. I'm not up to date on the current range of soundcards, but you could look in recording magazines to see what's available. I don't know which magazines you have in the the US. The main one in the UK is Sound on Sound. You could go to their website at www.sospubs.co.uk and do a search on soundcards, or use the search facility here to do a search on soundcards, or hope that some more people here come in with some recommendations. There's been plenty of discussions about soundcards on this board, enough to help you begin to get an idea of the brands and models to look at.
PS. Some articles at Sound on Sound are only available to subscribers, becoming available to everyone after 6 months.