You might wanna check out
http://www.supermp3recorder.com/ It records directly to mp3 format whether coming from line input or from streaming audio from your sound card, so you don't have to convert from a .wav to a .mp3
To split your mp3 files into separate tracks, use a program like MP3 TrackMaker 1.5. Here is the link for it
http://download.com.com/3000-2169-1...tml?tag=lst-0-2
It also supports cue lists.
You can also use Sonic Foundry Sound Forge studio to record into and edit your .wav files and also cut them into seperate tracks.
http://www.sonicfoundry.com/products...orgefamily.asp
I don't know much about Cakewalks editing studio, so I can't help on that question
Hope that some of this info helps you.