Upgrading From OLD Version Of Cakewalk

Cakewalk Experts,
 
OK, I admit it.  I am still using Cakewalk Home Studio 2004.  Hello?  Anyone still listening? 
 
So anyway, I just got a new PC running Windows 7 and tried to install 2004 on it.  It kinda works although I get the error regarding the staff font not being installable.  The advice on the Cakewalk website to correct the problem is about as old as the software I just installed; it suggests copying font files off to a floppy disk.  Hello?  Floppy?  Anyone still listening? 
 
So I guess it's time to upgrade.  My question to the Cakewalk world at large is about where to go from here.  I am a non-professional musician who just likes to record at home from time to time.  I've probably taken advantage of only about 20-30% of the capabilities that feature-rich Cakewalk has to offer so I guess that makes me somewhat of a newbie albeit an old newbie.  I want to be able to record, create MP3s, etc., just like I was able to do with Studio 2004.  What product should I upgrade to?  Is there an upgrade path, i.e. cheaper than buying the software brand new, for registered users of this old version?
 
Thank you very much for your advice and please let me know if you'd like to jam some time.  I play guitar and live in Washington, DC. 
 
Cheers,
FNY

Thanks for the advice, Leadfoot.  I will check into X3.
 
As for my name, I am and always will be a New Yorker even though I've lived in DC for the past 20-odd years.

Thanks, g.  I went ahead and purchased the basic version of X3 and have ben playing around with it.  Still going through some growing pains as I figure out how to use it but the price, $49 for the upgrade from Studio 2004, could not be beat.
 
FNY