Hey. I've been writing computer music since 97 (but have a longer history with music in general).
Audacity is an OK program - but if you want to get quality effects algorithms, then you'll need to step up to a retail program that supports VSTi or RTAS plug-ins.
Adobe Audition is wonderful - it supports VST and it isn't a huge-@$$ burden on your machine. It costs bucks, but if you search some P*2*P "f1Le sh@ring" proggies, you might be able to come across it. It also has excellent native effects algorithms if you don't want to search around for VST stuff. It supports format conversion (wav-mp3), too. For me, it is a very intuitive interface, but if you have never seen a mixing board or used something like this, it will take time to get used to. It is certainly easier than Cubase or the like.
Fruity Loops and Reason are production tools - they allow you to make beats and songs. They certainly have effects, etc, but they aren't designed to do what you want them to do.
I'd go for Audacity to learn a bit about the process, then find Audition to use.
Hope this helps.
