Before I could afford good microphones, about 1986, I recorded an Ensoniq EPS sampler synth on the piano stop directly into a 1/4" 4 track tape recorder. I then sang over it with a $3 dynamic mike, sound on sound. It turned out pretty well. Voice records fine with cheap mikes, but piano sounds are not so frequency and power limited. When doing sound on sound, you have to record the initial track lower, about 6 db, to allow for adding sound without saturating the peaks and clipping.
My version of Audacity does not have automatic gain control (AGC) so the dynamic range is not reduced on my recording. I downloaded Audacity with ubuntu studio. It took a while to find the control for the incoming gain, it was some mysterious graphic button. You have to get the gain right or you get excessive hiss (not enough gain) or clipped power peaks (too much gain). My version of Yellow Bird on Hammond organ is on inbojat.tumblr.com recorded with one condensor KSM27 mike, and the $3 mike on the other channel , the hissy one.
Now that I have two KSM27 mikes, the computer that I run Audacity on has died. It's 10 years old, no great loss, but my budget doesn't allow for a new Apple Mac or the equivalent. More craigslist shopping is the ticket this fall I imagine. Dragging a tower case home on the bus is a real P***. I tried a used $65 laptop, but the Win 7 op system was ripped off, killed by MS over the internet, and the free ubuntu I loaded on it couldn't operate the DVD drive.