I don't know about Cakewalk, but I am using Emagic Logic which probably does the same kind of stuff. I am only using it as MIDI sequencer (as I have a dedicated hard disk recorder) but it is capable of recording audio tracks as well. You would need some way of getting the audio into your computer (the A/D converter or whatever it is, it is getting a bit too technical for me). I am not sure how you could send the files around for people to add tracks, unless you all had the same program, as you would need to keep all the tracks separate.