Will this work?

Yes, it should work.
But you should not use Audacity as you normally get a better recording SW bundled with Toneport UX1. A recording SW that supports ASIO 2 drivers to get a very low track to track delay(latency).

It should work fine. Toneport comes bundles with Ableton Live Lite 4. It's pretty decent once you get used to it. The UX2 will allow you to have two mics, that may be a bit of an advantage if you want to mic your accoustic -- of course, you could also get a small mixer at that time to feed into the UX1.

Thanks for the replies guys!

Kalle: Ok, I just wasn't sure how good the bundled software was so I figured I'd try Audacity. But since the budled SW is pretty good I'll just use that.

Vink: I was actually wondering about the mixer thing. Say I get a mixer that has 1/4" Main outs. Would I be able to run those lines into the Line in's on the UX1 and not have any problems? If so then that would save me a bunch of money on buying a new soundcard.

Vink: I was actually wondering about the mixer thing. Say I get a mixer that has 1/4" Main outs. Would I be able to run those lines into the Line in's on the UX1 and not have any problems?

The short answer is "yes". See here for more details on the input and output options of both Toneport UX1 and UX2. Look at the pictures at the bottom of the page -- you can expand them by clicking on them.

The one caveat is that once you select the stereo line inputs, you don't have any extra inputs left .. so, you won't be able to plug in your mixer and still plug in a guitar directly into the toneport, for example. But, you can track your vocals/acoustic/drums etc through the mixer, and then track the electric guitar separately through the Toneport.

Let me know if you have any more specific questions. Also, you can download the Line 6 Monkey software and use it to dowload Line 6 Gearbox. Then, you can tell it to pretend that you have either a UX1 or UX2, and you can play around with input selection to understand what combinations are available and note available. By the way, all of my medicore recording attempts to be found at my dmusic site are done through the toneport UX2, using Ableton Lite.

Ok. I don't think that should be a problem because I'm most likely going to mic the amp/s once I upgrade to the mixer to record the band so all I'll really be using the Toneport for is the way I'm going to get from mixer to computer without having to go and buy yet another soundcard and shell out another $200. I'm actually somewhat surprised my theories are kinda holding up here! Usually I'm really off track! :D

Anyway, I listened to your recordings and they sounded really good. Loved the Am Blues. Were you able to put that drum track in through the software or did you get that from somewhere else? Liked them a lot.

Thanks for all your help so far! I really appreciate it. If I think of anything else I'll be sure to ask. :D

Anyway, I listened to your recordings and they sounded really good. Loved the Am Blues. Were you able to put that drum track in through the software or did you get that from somewhere else? Liked them a lot.

Thank you! The drum track on that one is one of the loops included in Ableton Lite.

On "Longing", I started using a new program called Jamstix that is a VST instrument plugin. I have not quite mastered that one yet, I think I will do better the next time .. it comes from a company called Rayzoon, and basically picks up the tempo from the sequencer software, monitors your audio track and responds to the changes in intensity of the audio (or midi) track. I think this is basically what Steiberg Groove Agent does, this is a poor mans version of the same..