Try Garage Band and see what it gives you. I have mixed a couple CDs for a friend of mine, one song had 16 tracks in it and Garage Band worked like a charm. Professional grade? Probably not, but I doubt I could have done any better with my limited knowledge in any of the profession-grade industry tools.

Now, I will have to say this, that mic, will not give studio quality sound. It will give decent sound, but if you want studio quality sound, spend the $750 on a really good studio mic. Audio software can only do so much. And when it comes to mics, you really do get what you pay for, i.e. skimp on the mic, skimp on the quality.