also i should mention something that can really cause problems.
to save space some multitrack software has an option for long term archival storage to store EVERYTHING (audio tracks, track settings,global unique song settings,song template.plug in settings etc) in ONE BIG FILE with a unique file extension. so if you have lets say 32 tracks of 24 bit audio as you can appreciate this file is LARGE. if you are a user of multitrack software and you wonder what this big file is that you have ,its probably you saved the song at some point to this archival file format.
now - what some musicians do is - when a song is complete save to this archival type of file, and wipe out all their song tracks to save space.
this can be problematic. because NOW you are reliant on the one big back up archival file. thus if it gets corrupted somehow you wont be able to retrieve your song at some later date. this HAS been known to happen.
so - to be safe its best to have a track sheet you can create on your pc
which you write down track settings on, and print out (just in case you loose your hard drive in a bad crash). and burn the individual tracks of the song to cd.(once again in case you have a bad hard drive crash so you cant retrieve your tracks). in fact two CD copies might be prudent in case one CD goes bad. in summary thinking about long term archival song storage for back up is an important issue to think about.
you might do a song for example, then in 3 years time a large label wants to sign you based on the demo they heard somewhere, and want the raw tracks to maybe remaster and do additional massaging on; but you cant provide it to them , because your song back up is corrupt and unreadable.
just some issues to ponderand plan for. hope this helps.
peace.