A DAW in the midi world is a Digital Audio Workstation. There are many. The one I LOVE is Digital Performer 4.6 (mark of the Unicorn or MOTU as we like to call it is the maker) but I think only available for the MAC. It is a complete recording studio under one roof with automated mixing, nearly limitless midi and audio tracks available (depending on your computer). Bouncing from one track to another is available and the automation and audio editing features are outstanding. You can Master your final product and while there are many DAWS to choose from, this is clearly a frontrunner. But certainly check out other ones like CUBASE, or Logic (which is now put out by Apple) and ProTools and SONAR and on and on.
DP4.6 offers loads of plug ins for seriously professional reverb etc. (I use an pricey but wonderful third party product called Altiverb 5 – a Netherlands made convolusion reverb system that allows you to use specific reverbs which take you into real places like studios, concert halls around the world where they have done a remarkable job of giving you many options to choose from).
Here is the gear I use at the moment: G5 dual 2GHz, 4Gb SDRAM, OS10.4.3, Finale 2006a, Digital Performer 4.6, Altiverb 5, Yamaha S90, Built-in audio, Reason 3, M-Audio Ozone, Giovani, Symphonic Choirs, Kontakt 2. GPO, JABB.
More later
Paul