Download and install Audacity for your computer. Audacity is a free audio editing and recording program that offers most of the features of more expensive audio editing suites, which makes it perfectly suited for a home recording setup. Choose the install file for your operating system and run it to install the actual program.
Open the program to investigate its features as well as get accustomed to the interface for the program. Audacity has a simple interface that allows you to record up to 16 track simultaneously as well as add effects and plug-ins to each channel. You can use VST plug-ins that are created by other companies with Audacity or use the built-in effects that come with the program itself.
Set up your hardware for use with Audacity. In order to get the sound to the program, you must use a sound card of some type. You can use FireWire, PCI and USB sound cards to capture the sound for use with Audacity. Once you have installed the device, you can set it for all of the channels or use individual devices for each channel.
Arm the individual channels in the Audacity main window for recording. Press the record button on each of the channels you are using. When you hit the "Play" button with channels armed to record, the track monitor will move from left to right and the audio being recorded will show up in real time. You can record drums, guitar and bass all at the same time or individually.
Mix the sounds after you have recorded all the individual parts. You can play all of the individually recorded tracks by hitting the "Play" button, but make sure none are armed to record, or the audio that is there already will be re-recorded. You can also mix the individual tracks down to a new single track at this point. That way, you can listen to it in a CD player in your house or car.