if i was using an alto s-8 (4 mic inputs) and had (hypothetically) 4 line inptus on my soundcard, am I able to record four seperate tracks in CEP or Audacity, 1 track for each mic?
This is generally the best and easiest way of recording multiple channels. However for mixers with buses and / or auxes, you can get around the direct out requirement... though I wouldn't recommend it.