Well,...
Chris,
You have a state of the art computer. You may find recording software for multitrack, and multi input/output soundcards, etc, and no doubt, there are a lot of products out there, it's dizzying.
M-Audio makes some very attractive input/output soundcard devices, but if there's one soundcard mfr like M-Audio, there's a hundred.
Not only are the technology choices many, but technology moves very fast, and the latest whizbang gizmo of today will surely be the dog of tomorrow. F/I, the 20 bit ADAT is the abandoned child, now that 24/96 is new kid on the block,.... and 16-bit? Forget it.
I'm not a 'puter recorder fan, but many, many, many people are, practically the whole recording industry has gone to DAW or hard disc recording. I just think that people of today are gizmo crazy, and to be "digital" is just the latest "in-thing".
Also, even though you have a state of the art computer,... oh yeah, 1.1gig processors were last month's state of the art, 1.7's the thing now. Anyway, you know what I mean.
Anyway, what I was saying, is that even though you have a 'virtually new' almost-state of the art computer, and computer recording is definitely the "thing" of today, I'd caution you about getting in over your head on digital-recording-computer technology, especially if you're aware enough to know you know virtually nothing about recording itself.
MHO is, that as a Newbie, [no offense], if you get all tech-heavy on recording gear before you know anything about basic recording, you're putting "the cart before the horse".
When people who are new to basic recording go to a too tech-heavy recording solution, they often get bogged down into technical problems and issues, and learn very little about recording itself. It can be frustrating, and sometimes stifling.
F/I, I'm by tradition a big Portastudio and open-reel recorder person. Recording is easy and natural on a Portastudio or reel setup. I've been using Portastudios and reels for years.
One day, I got the big idea that recording on my 'puter with DAW software was the thing I'd do. I got a new 'puter, got
the Tascam US428, and when I put it together and tried to use it, I'd swear, I spent about a week laboring over the most ridiculous stuff, and never got a single decent recording to disc. I returned the US428 for a refund, and realized computer recording is not for me. That's just using myself as an example.
As I see it, DAW and digital based recorders are fraught with hidden technical pitfalls, too numerous to mention, yet, ask anyone, and you'll hear that DAW/computer recording is the greatest thing,... so go figure. No doubt, I'm way out of step with the mainstream, and that's ok.
Not only that, but as your post's a little vague about how much money you want to kick down to recording gear, I'd say that at ~$150-$250 you're already priced out of digital, including most multi-soundcards, such as the M-Audio Omni 66.
For avg ~$150-$250, with max about ~$400, IMHO, you're in Portastudio-land.
F/I, Get a brand new Tascam 424mkIII Portastudio, 4-track cassette w/full function mixer combination, for $399, new. Get a used Tascam 424mkII Portastudio for about $225, on Ebay. Get a real classic Tascam 246 Portastudio for about $350 [used/ebay], and believe it or not, get a beautiful used analog Tascam 388, 1/4"-reel-8-track-Portastudio-like device for about $450, depending on the day.
Those are some good non-computer suggestions.
You'll probably learn a lot more about "recording" using a Portastudio, and learn more about "technology" using a DAW recording setup on your 'puter.
One thing is for sure, the normal Portastudio-format recorder is a heck of a lot easier to use than the average DAW software recorder.
No doubt, I may be the exception, but as an experienced home recordist, and knowing what I know, I'd definitely recommend new users begin learning basic recording on the best Tascam 4-track cassette Portastudio that they could afford, starting primarily with the new 424mkIII, but not limited to that.
The Tascam 388 is an 8-track-reel version of the basic Portastudio design, so check Ebay for the 388.
[Used] Reel-Reel recorders with external mixers are still a good sounding, affordable alternative, but will be more expensive, & complex to setup and operate, than the Portastudio-[all-in-one]-type of recorder.
No doubt, digital/DAW/puter/hard disc recording is the "in" thing, and I'm not at all with the mainstream.
I use and recommend analog Portastudios [for novice users], and reel-reels with analog mixers [for advanced users].
). Do you have a lot of room? What's your room size? Do you already have a mic? Speakers? Soundcard?
I need to know what sound cards are good, which speakers to buy (there are a lot of options that I don't even understand when I look at them on the internet), and so on.. 
).
