Technically the answers to your questions should all be yes. But PC recording is an interesting game and it's hard to say how reliable your setup will be for recording long 16 track sessions like that.
What are you going to record at, 24/96, 24/48? Here's how you figure out the disk space you'll need:
(bit depth / 8) * sample rate = bytes per second
That's per track. So if you're going to do 24/96 recording....16 tracks for 2 hours....
(24/8) * 96,000 = 288KB per second
288Kb/sec * 60 = 17280KB per minute
17280 * 60 = 1,036,800KB per hour
1036800Kb = 1,036.8 MB per hour
1036.8MB * 16tracks = 16,588.8MB per hour
16,588.8MB/hr * 2 hours = 33,177.6MB
So, you're looking at 33.177 Gigabytes for an entire 2 hour show. That's not so much these days, but it's nothing to scoff at. I would recommend at least a 60GB 7200RPM drive or a couple smaller (or large) drives in a RAID0 configuration. Also, you cut this number in half by recording at 24/48.
Like I said though, it's hard to know how stable things will be. I've never setup n-Track and left it to record for 2 hours solid...especially not at 16 tracks! I've sat and let it record a stereo track for about an hour once and it did so without a hitch....but that's not in the same ballpark.
Are you going to mix on the PC or do you have outboard gear? If you have outboard gear, then consider a standalone hard drive recorder in this particular situation. It will be much more reliable. If you're going to mix on the PC though, it *should* work....but *should* is meaningless
Slackmaster 2000