My suggestion would be if you're serious about recording, save your money for now and get a decent card/package, such as
M-Audio Delta 44
http://www.m-audio.com/index.php?do=...21095cefefd71b
or
ST Audio M-Port
http://www.staudio.com/products/dsp3000.html
But for the time being if you wanted to get started go for the
SB Audigy 2 ZS Platinum Pro (
http://www.creative.com/products/pro...sp?prodid=4925)
I've got the Audigy Platinum card and i am kicking myself for not getting a better card for recording. My next audio purchase will be the Creamware Sonar II setup.. but that's about $800+, so i think that's a bit out of your price range.
Also, which type of recording do you plan to do? Live music or manufactured music via looping and samples? For live music I recommend Adobe Audition(or if you can find it Cool Edit Pro 2.1, it's the same thing for cheaper). For looping and such, use FrootyLoops or Cakewalk Sonar(as mentioned above).
After everything is recorded, you may want to clean it up and make it crisp. You might want to try using Magix Audio Cleaning software. It's yielded some pretty decent results so far.
Hope this helps.