If what you mean is: is it better than cassette, then yes.

Get the fastest spinning HD you can afford. 7200 rpm or better really. I've got reasonable results with 5400 speed drives with a bit of tweaking, but it gets erratic if you need multiple overdubs. Get the best Mic you can afford. An SM58 will do at the cheap end, but if you can afford £200 or so get an AT4033. It will suit pretty much any instrument and last you for ever. Get the best soundcard you can afford. The latest lot of Creative Labs "soundblaster" cards are suprisingly good, although a bit of research will show you that there are a lot of cards with excellent signal/noise ratios on the market, again £200 gets you something really bloody good.

Final bit of advice, MIC INPUTS ON SOUNCARDS ARE INVARIABLY HORRIBLE. Better to buy a dedicated pre amp, and use the line input. Much cleaner sound that way.

Your main problem will be recording without picking up the noise from the fans in your computer! Mount your HD on rubber (old gloves are fine) and get some of that foam packaging that they pack electrical goods in, the thin sheets are ideal for lining the inside of your computer case, cutting down on surface borne noise.

Hope that helps, Jon