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A quick look at an old Sound On Sound magazine review revealed similarities to Reaper FM software. Obviously, it will be possible to make simultaneous multi-track audio recordings with elderly software. I cannot help thinking that your money would be better spent on something more up-to-date.
If you are running a recent, 64-bit only iteration of Mac OSX, 32-bit software such as AP7 might be forbidden. (Similar to attempting to load PowerPC generation software into an Intel Mac.)
For loop based stuff, Ableton Live and Bitwig Studio seem to be the most common choices, both come with a good selection of drum loops and synths etc. While Reaper is an excellent DAW (and cheap) it doesn't come with a lot of content so is a good choice if you are comfortable programming your own drum parts etc. The others are more expensive but come with more content.
Another thing to consider is whether you are going to be collaborating with friends/bandmates in which case it is useful to use the same software. At the end of the day though, it depends what YOU are most comfortable with - most of the DAWs mentioned have demos available so I would advise downloading a couple and see how you get on.