A MIDI controller (preferably a keyboard, but a drum pad controller works as well) is the only hardware needed to input data and record performances into Reason. To ensure that the signal from the controller is being picked up by Reason, create an instance of NN-XT and then play a few notes on the controller. If the signal is being read, notes from the NN-XT's default piano setting will sound. Also, the red light around the keyboard icon in the track lane will turn green every time a key (or pad) is pressed.
If no sound is heard and the outer edge of the keyboard icon remains red, go to "Preferences" under the Reason drop-down menu. Click on the "Keyboards and Control Surfaces" tab and add the controller manually or by pressing the "Auto-Detect Surfaces" icon.
A mixer needs to be created in order to record and arrange sound. Under the "Create" drop-down menu, click on 'Mixer 14:2' to launch the 14-track virtual mixing console. Choose one of Reason's many sound modules and play around with the different patches until you settle on the right sound for the project.
Just like in a real studio, effects such as reverb, delay and distortion can be added to any of your sound sources. Click the module you would like to tweak and select an effect from the Create menu. Scream 4 Distortion, RV7000 Advanced Reverb and the MClass Mastering Suite are all top notch effects which can be added to any track or the entire mix. To hear the difference in the sound with and without the effect, press the "Bypass" button on the module to listen to the audio signal, sans effect.
Recording in Reason is very straightforward process. First, "arm" the track you want to record in the sequencer by pressing the circular record button located in the device track lane. Next, hit the square record icon in the Transport panel and begin playing. Press the space bar to stop recording. A "clip" that represents the notes that were recorded has now been created.
Once all the panning, EQing, compressing and various knob-tweaking is done and you are happy with your mix, it's time to save your work as an audio file. Under File, select "Export Song as Audio File". Make sure that you have established where the end of the track is by shift-clicking the end of the last bar. A menu will come up where you can name your track and select whether you want the file to be saved as a WAV or an AIFF.
Lastly, you are given the options to change the bit depth and sample rate. The choice between 16 and 24-bit depends on the task, but a good default to fall back on is 16-bit. Within less than a minute, a WAV file of your composition will be created.