Or, for about the same amount of money you can get PowerTracks ProAudio (that's what I use for recording), a full featured 48 tracks recording software program. The sonic analyzer is one of the built-in "effects" and it has full VST support for anything else you want to add on. You also get real time effects monitoring (that's a big advantage for me vs. some of the other programs like Audacity) and MIDI support, if you need it. It's very easy to use and can go head to head with other programs out there costing several hundred dollars. Plus they've got a great support forum on top of the company tech support.
www.pgmusic.com is the address.