Going to be recording hip hop verses and acoustic folkish stuff. I'm pretty clueless to this sort of stuff.
Any advice fellas? 
Great free program. 
If you want to improve concentration, cardio output, sleeping etc but dont want to listen to someones stupid hypnotic bullshit wale sounds then try these brainwave generators. Basically you can place them over any sound you like (although they work best with white noise etc) - then if you listen to them with stereo headphones it can help drop your brain frequency in different states that can aid learning, meditation, sleep etc. Also you can create your own positive reinformcement style CDs. I used to do this about 12 years ago with Cool Edit Pro
http://wiki.audacityteam.org/wiki/Nyquist_Generate_Plugins
http://wiki.audacityteam.org/wiki/Nyquist_Generate_Plugins#Binaural_Tones_with_Surf_2
Just picked up a blue snow ice usb microphone! Mad excited!
Tiresias - Welcome to the 16 bit recording revolution.
lol, nice!
VU