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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.