Try a couple of freebies/demos/sharewares first before you plunk down any hard coin.
Audio recorders:
Freebies : Ardour and Audacity
Sequencers:
Freebie: Rosegarden; Shareware(But still very good) Anvil Studio;
They can be a bit tricky to configure and use at first, but the learning curve is rapidly assisted by watching a few youtube tutorials to get you started.
Audacity is a free and good nononsense program to record. If you want to save your recording as MP3 than you have to download free LAME as well and place it in the same directory as Audacity.
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