I found a free sequencer at
www.download.com. Its called
"Quartz AudioMaster Freeware 460E"
Its basicly a clone of cubase. Has all the features youll want like multiple midi (16 i think), multiple audio (if you have a analog instrument or if you want to add vocals or something) its got rudimentary aux sends and 4 effects: phaser, reverb, delay and chorus for the audio tracks(none for midi tho). It allows you to set different midi voices to different tracks so you can have different sounds playing back. You can record new midi and audio as it plays back the stuff you recorded earlier. It can show midi as 'score' (sheet music) or 'grid'. It can also be used for midi playback. Nice help too. Its 3 mb and its free. Oh, and its really nice
You might want to get "Hubbys loopback" somwhere for virtual midi patching if you use a software keyboard like "Sweet Little Piano".
Rand Dusing: Audio cards have come a long way since the days of sb16. I have a SBLive! and its great. It samples 48000khz at 16bits, has 1024 midi channels, decent playback, a hardware DSP, and some very nice midi samples. I recommend it to any one who wants to dabble in music. With programs that can 'render' audio at any sampling rate and resolution, software is becoming more important that hardware.