Personally a lot of the old, old recordings sound terrible.
Personally? What in the...?
He just wants to get his feet wet, he doesn't want to dive in. Adobe Audition is good in that you can record each instrument to separate tracks, but you need a sound card that supports that. For basic mics I would suggest getting a Shure SM57 (two maybe), a
Shure SM58, and a Studio Projects B1 (one or two of those too)... then experiment. A mixer would be nice, but I don't know... it depends on the sound card as well.
Not sure what kind of sound you want, but you should be able to get a recording where you can hear all of your instruments (they may not sound the best), but you can balance the volume and add some effects (EQ, compression) and sound just fine if you want to record demo's for yourself. It depends what you want to do with it.
If you want to be a musician--BE A MUSICIAN.
If you want to record--BE AN AUDIO ENGINEER.
I suggest you just try both and see which you like. You can still have fun and be a musician and a home recording hobbyist. Both are addicting... several successful bands have recorded themselves... Weezer (Pinkerton), the White Stripes (the White Stripes)... probably many others.
A lot of people on these boards think they know what they're doing... and don't, but a lot actually do. Make sure you think about what you're doing and who you're listening too. I'm not the best at it, I'm just starting myself... Blue Bear and chessrock really seem to be know what they're talking about while other people have a stick up their asses.