MC 6 will do pretty much everything you need to record and compose music.
This is the official cakewalk page for it :
http://www.cakewalk.com/Products/MusicCreator/ have a look and if there is something you want to know and can not find it there just ask since we have it and can look up those features if we don't already know the answer.
I used MC4 for more than 3 years to record my music. It allowed me to produce music that has been signed into music libraries for commercial use. So while CW refers to MC as "beginner" software, it is simply put, all that and more. It's easy to use, and extremely powerful in what it CAN do.