Single Status Update
Mine's pretty much set except for the soundcard. I have an old AWE64, which is theoretically fine for line-in recording, but there seems to be some background noise generated somewhere between the line-in and the sound recording programs. I'm assuming it's just the card after so many years of use, but I also have an aversion to PCI sound cards for the amount of board resources they steal and all the bad experiences with them in years past. The background noise isn't such a big hassle, or even noticable in a standard recording, but applying fadeins and fadeouts make an obnoxious wind-up/wind-down sound effect in the background. I hear it in other professional records as well, so it might even be just the soundcard output.
You would want to actually get a good microphone and set the guitar amp up with that. Without it, you're not capturing the really high-end frequencies and there will be absolutely NO sparkle in your recordings. You'll be done your final mixing and still wonder why your guitars sound like they're underwater.
Also: ALWAYS ALWAYS ALWAYS record in 32-bit, 96KHz if you plan on doing anything with your music other than listening to it when no one else is around and reliving your youth through fantasy.