Garage Band

GarageBand is Apple's software for simple audio recording and editing on the AppleMacintosh. Although fairly limited in scope, most of the basic stuff is there, and the sound and UI quality are both quite high. Many serious musicians are known to use GarageBand for simple track capturing and early-stage mixing, then import the song into AppleLogic for later-stage editing, mixing and mastering.

GarageBand is available as part of the iLife package of software that comes free with any new Macintosh or costs <$100 to buy.