Yea, there's also Reaper, which costs literally 60$ total... Not to mention you can use it for as long as you like before finally paying.If you're looking for software that's free of charge and easy to learn, Audacity might be a good choice.
For practice recordings, I use a Zoom H1 and record to mp3's. I open each mp3 in Audacity where I ignore all the effects except Normalize and Compressor. I normalize the left and right channels independently to get a better left/right balance, clip off any excess noise at the beginning and end of a track, then compress it to level things out, save the edited version to mp3 and delete the original mp3.
Using that as a routine, I can process a lot of practice recordings fairly quickly, then use those to play along with between band rehearsals.
I can also use Audacity to slice and dice recordings to suggest alternate arrangements of a song. My edits are clumsy, but good enough to present ideas.
If you want to make demo quality recordings, I've heard that Audacity is good enough and some people have successfully shopped demo's made with Audacity to record labels. I haven't tried it myself.
I find it extremely capable. Often prefer to use it over Protools even though it doesn't have every bell/whistle the PT does.