This is amazing; a free online browser-based Flash audio composing and recording tool:
Yeah, yeah, seen them before, I hear you say? No, you haven't:
(click to enlarge)
Need another gate, compressor, delay, parametric EQ, splitter, sequencer, etc? Sure, just drag it on and cable it up. Just like being on stage (apart from knocking lager all over the laptop mid-set...). Have fun.