How do you Record a Good Quality Song?

Uhh. How can i possibly record a good quality sound with my laptop?

I don't have any good quality mics or any equipment. Just a guitar and my laptop. I'm using audacity for my recording. My cousin said that I can just plug directly my guitar to the laptop and do the parts of the music one by one(rhythm then bass then vocals and so on). So, any suggestions? I am about to record my cover song and I want it to be as good as possible. Thanks :)
Answer:

Hey Justin... I'm not too familiar with Audacity myself but I know some people who know it very well... If you'd like, stop by the forums on Chordie.com and ask this in the recording section. Russell is the moderator of that section and is a bit of an audacity genius.... I'm sure he'd be more than happy to assist you with the recording process :) I'm Guitarpix there and moderate a few of the forums myself...

Justine Andrew Guiao at Yahoo! Answers Visit the source

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