djhomeboy wrote:
1.) Whats an interface and wat is the difference between usb, firewire, pci card, cardbus, and all the other ones? Which one is best?
2.) Whats digital I/O?
3.) Whats Midi?
4.)Whats Phantom power?
5.) Whats bits/samples?
Can anyone please help me out with detailed descriptions???

1. The audio interface is how you get audio in and out of your computer. PCI, if you have a desktop, is probably considered "best", but that's obviously opinion and not fact. USB2.0 has about the same throughput as Firewire400, but FW is usually more reliable. Getting a Firewire interface is probably one of the more reliable and easier ways to go.
2. Digital IO is for things like ADAT. Additionally, if you have high end analog to digital converters of your own, you can use the digital IO. Especially if you are just getting started, you probably don't need this.
3. MIDI = Musical Instrument Digital Interface. In the 80's, it was the primary method for synching up various pieces of hardware. If you are using Live and various soft synths, it's pretty much unnecessary. But may come into play if you have various hardware synths you want to control.
4. Phantom Power is power that is required by condensor microphones. They are not passive, like condensor mics (SM-57). It's a 48v power that feeds the mic so it works. If you plan on recording vocals or acoustic instruments, you will likely want to use a condensor mic, and will therefore need either phantom power on your interface or mixer, or will need a connection box which has the power. If you are going strictly for electronic stuff, forego phantom power. If you want a more robust studio, get something which has phantom power.
5. Bits and samples refer to the recording of the sound. Bits= the number of units used to record a sound....the higher the number, the better the sound quality and fidelity. 16bits is CD quality. Many people prefer to record stuff at 24 bits, and mix it down to 16 when they are finished. A Sample is technically one wave of sound. Buffers are units of memory used to "buffer" or store the sound as it goes in and out of the computer. More buffers means things go smoother without sounds dropping out, but requires a delay (latency) in order to get it loaded into memory.
Do a Google on recording tutorials and you should be able to find better and more detailed answers.