Windows Version of Garage Band
Garage Band is the one tool that is hard to replicate directly on the Windows platform because the product is so unique. With Garage Band, you can record up to four live tracks from performers (such as the two vocals, lead guitar, and drums). Each element is placed in its own layer that you can modify and even create sheet music for.
There are products that emulate some of the features of Garage Band. One that comes to mind is the open source solution called Audacity, which is designed to allow you to mix music. It is easy to cut, edit, and splice tracks. You can add effects such as fades, amplify, and weird alien sounds. And the price is excellent: FREE.
Other products get expensive quickly.