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Fruity Loops has been improving a lot at each version.What this tool allows you to do is basically to use samples (like drumkit sounds - snare, cymbals, kick...It also "boosts" the sound of your guitar, so that it cuts in the overall mix, making it sound "stronger" and clearer, if well configured. In other words, it's essencial for a professional and even semi-profissional sound.
Bottom line is, without this tool, home recording would be pratically impossible.
I use it for bass and voice too, although there is equipment available for that kind of function.