Digital Performer

Digital Performer claims to be a "complete studio production experience on your computer desktop." With the ability to support external instruments, virtual instruments, loops, audio tracks, MIDI tracks, and various plug-ins, it supports extensive playing, editing, mixing, processing, and mastering. (Retail $499)

More information at: http://www.motu.com/products/software/dp/#

Classroom Teaching: Studio Teaching:
 * Students might explore electronic music-making
 * Teacher might create instructional audio tracks
 * Record and edit audition materials