An effects and recording system is provided which is capable of recording at least one of a received audio signal and a processed audio signal generated by the application of musical effects to the received audio signal. The audio signal may be captured from any device capable of producing an audio signal. The effects and recording system may provide various recording capabilities including auto track selection and arming, automatic signal routing, delayed recording initialization, automatic level setting and panning settings, editing capabilities, and the merging of recorded tracks. Additionally, the effects and recording system may provide various monitoring capabilities, including automatic level, panning, and/or effects or other filtering of signals recorded or monitored via the system, as well as an enhanced mix-down feature, and music mix-down type.