It's hard to say, it's possible to make a real nice two-track stereo recording... so using something like Cakewalk to polish it off might be real helpful.
But... you are suggesting that it is already too noisy. Cakewalk doesn't provide many noise reduction tools... but you can buy some that run in Cakewalk products as plug ins.
As far as reverb... yes you can use Cakewalk products to add effects and most packages come with reverb and EQ and other useful effects.
Right now, for you, a straight forward 2 track editor would be useful for your editing of your 2 track recordings. Audacity, Audition, Sound Forge, Wavelab are examples.
The 2 track editors all seem to have some good noise reduction plugins included.
It's good to have a 2 track editor to supplement the Cakewalk DAW products so If you got one now and moved forward towards something like SONAR in the future it will all work out well as you progress in audio editing skills.
best regards,
mike