You have the beginnings of a good setup. I don't have any experience with sequencers or synths, and I used loops, once, to follow a tutorial....
I mostly record acoustic music. Adobe Audition is a great, stable and robust program, and the quality you achieve will be limited more by your ears, experience and talent than by the software.
You didn't mention microphones. You need at least a couple, one for vocals and another for micing your lap steel amp (although I have gotten a great tone by recording my pedal steel DI -- I think steels have much better sounding pickups than regular electrics). Microphones are one area where you definitely get what you pay for. Despite the proliferation of inexpensive Chinese condensors, you're still much better off to spend some bucks on, say, a RODE or an Audio-Technica, and if you are doing TV, you need professional tools.
If you are new to recording, the best advice I can give is, spend a lot of time in the engineer's seat. Record, record, record, and then record some more. You'll learn quickly and the lessons will stick.
If you have recorded with tape decks, get used to the fact that the computer is not one, even though the tendency is to emulate tape deck controls etc. Learn Audition thoroughly (and that means, try a lot of stuff out) and you'll find it becomes easy to "fly" in the heat of a session. I have been recording for nearly 6 years now with CEP/AA (and for 20 years before that, with analog tape) and every time I boot it up I learn something.
If you don't have a control surface, my advice is to get one. That makes tracking and mixing much faster. I have gone from using the mouse/kb to the original Syntrillium Red Rover (one channel at a time!), Tascam US428, and I now use a Mackie Control. It makes all the difference in turning a cumbersome computer into a streamlined recording machine. Note that some control surfaces don't work with Audition (for example, the Yamaha 10X uses ASIO drivers, which are not supported by Adobe).