I used to use Audacity with a Lame plug-in (which allowed for converting to MP3s.). I would use a line mixer and mix my guitar with the recordings I was playing to through the computer and into Audacity. Worked great. Save the recording and export to MP3. This is for strictly audio of course.
Anymore, and especially with drumming, I just use a Zoom Q8 or any other HD cam-corder and just record the ambient sounds with the video. It gets the job done. I've even been brave enough to post them on YouTube.
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