Pro Tools and a Mac and a really, really looooonnnng mixing desk...
Heh... you ain't gonna get industry standard in freeware... but I don't think you need worry about that. Reaper, IMO, is a VERY good way to get started. Personally, I use FL Studio for tracking and Reaper just for final mixing. That's because FL, for it's sins, has very good MIDI support and the instruments that come supplied as 'native' are just brilliant (if you're into synths). It also has built in recording and wave editing, which is very handy and simple to use. You also get a demo of 'Amplitude' which is a really great little guitar amp (I love it). The demo comes with FL but I believe you can upgrade that to the full rig for a reduced price. Reaper, on the other hand, is still shaky on it's MIDI support and it has no built in wave recording or editing facilities.
Just one suggestion. Hope it helps.
Regards
Dr. V