Hmmm . . . I tried using Cakewalk, and I wasn't too impressed. I don't know if there was a bug in the program, but when I tried to record anything, it would go for about a minute and then just stop. It would do the same thing with importing wave files, and would only give me a minute of audio before cutting out. Bah!
The Sound Blaster Live is a great product though. You can add chorus and reverb dynamically when you record!
Later.