I have Nuendo 3, Reason 4, Sonar 7 PE, Ableton Live, ACID Pro, Fruity Loops, Cool Edit Pro, Adobe Audition 3, and a few more, and loads of plugins that work with these DAW's.
I've been doing it a year now and love it. I have a MIDI controller which I recommend as it allows you to input MIDI notes easily rather than drawing them in.
Also do a lot of research. Theres plenty of gear out there, hardware and software, so make sure you get what you want.
Together with the info in my sig I have an Evolution MK-461C controller and although my sound interface isn't studio standard it gives me 9 inputs and 7 outputs and the ASIO driver gets latencies down to 2ms! Brilliant when using the controller.