If i use cool edit pro with a 16 channel mixer and the full-duplex sound card which came with my computer...will i be able to do good recordings or do i need more crap?
Soundcard that came with your computer = bad, most likely. You'll probably have to buy a soundcard dedicated to audio recording. Soundblaster make some decent cards apparently, for not so much money.
After that, just add good mics, good cables, good technique and good luck.