I'd like to record in real time with my drum track playing at half speed and my midi track at double that.. How do I do it? For example... How do I set my drum track to 60 BPM and my midi to 120 hit record and jam on it?

I'm using Sonar x1 producer btw. Should have mentioned that in the question.

I am reading over this question and realizing there are many options.. Like some midi sequencers have an individual tempo control.. That's not the case here. I'd like to set two individual tempos for two tracks.. Mutually exclusive/independent of the project tempo. 

In SONAR 8.5 and earlier  (to which this forum is for :o)  you can only have one tempo at a given time in a project. I believe it's the same in X1.

AFAIK your only choice is to play the slower track in double time or the faster in half time.

But as I said, I don't know about X1.

I remember once I wanted to do the same as the OP. It wasn't possible at the time. You probably need a workaround. You could use two computers (a laptop), or a hardware drummachine.

Can't be done inside Sonar.