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Cost effective w/o sacrificing pro-quality using PowerBo

Hi.. have a nice PowerBook (it's loaded) that I'd like to use to record live DJ sets (from the mixer).. I'm aware of all the expensive solutions (Logic Plat 6), but wanted to solicit the insight of this forum before spending the cash. I'd like to steer clear of known issues and limitations, as well as be apprised of cheaper but "just as good" solutions.

What effects should I use for acoustic music?

I know this is too broad of a question, but I am curious what effects I should use on my music - less is more in my opinion, but for folk music with a bluegrass flavor I usually put a little reverb on vocals and a little stereo delay on everything except bass guitar, bass drum. Anything that I'm missing to get a full sound.

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