Hi Z:
Alot depends on your recording objectives. I use a digital recorder (Boss BR-864) for live PSR-2000 recordings and my mic is also connected to the Boss unit. I don't do "tracks" 'cause it simply takes way too much time IMHO. Instead, I record as many "takes" as I believe are needed to "nail the song." The process does not end here, though.
After I get a satisfactory "cut"... I send the resultant file in WAV format to my PC where I edit the song for volume and anomolies. Before I even start recording, I tweak the style's instruments/voices by selecting the appropriate drums, piano, orchestral backing, etc. and then balance the individual volumes to the best of my ability.
My purpose is to create my own demos for use in "pitching" the song to publishers, producers or artists looking for outside material. (In other words, I do my best to stay within a very restrictive budget.)
If money were no object, I'd pay a studio and really talented vocalist to do the job for me. I consider myself a songwriter first and foremost... not an artist. Without an arranger, I'd be dead in the water.
Best of luck,
Dave Rice
http://www.ShowCaseYourMusic.com/DaveRice/