Hi There,
is there anywhere I can go to see a comparison chart between the CubaseLE4 and LE5 versions?
I don’t think so. LE 5 is definitely the better, if for no other reason than a more polished GUI.
Probably what would vary are your core features like track allowances, included plug-ins, etc.
LE 5 vs. LE 6 would be a closer race, since alot of functionality was introduced with version 5. Of course, LE/AI 6 is very hard to find.
Heck Bane, I had to look up what a GUI was! Does that tell ya anything about my expertise? I don’t even really utilize the features that are available in LE4!
All I really know how to do at this point is lay down a vocal/guitar track (if I mess up, I click “un-do record” and start over, hopin’ like heck that I can get through the whole song without messin’ up again!) and then add additional tracks if I wanna add some harmonies, harmonica, banjo, etc.
I have had marginal success with punching in and out in the past…but sometimes there is a “blip” in that…so I usually just do it all over again.
Here’s a question for ya: when I’m recording additional tracks and I have my headphones on to be able to hear the track that I’m adding to, the audio in the headphones is really loud. How do I control what I’m hearing through the headphones…I want to be able to hear what I’m playing to, but not be deafened by what I’m putting into the mic in the added track.
Try using very short crossfades on punches, that should sort the ‘click’ between segments. (Assuming LE has crossfades).
You can control the levels of individual tracks from the mixer (f3), and the total volume from the master fader. There are more elegant solutions based on your hardware though, but I don’t know what you have 
The best way to do this is use your cycle record to perform your piece over and over until you get some good takes. (Normally if it is a long piece, your fingers will fall off after about 3 cycles!) Then select all of your takes, Ctrl+Right Click, and choose Audio>Events to Part. Double click and the Audio Part Editor should appear. From there I use the mute tool to mute everything except one lane. I then go through and use the Split tool to take out serious mistakes that are unacceptable. When you finish with that take, mute it and repeat on the following takes. Try not to have more than 5 takes. Now you see your good stuff. Set your locators to cycle a few measures (Shift+G by default) and mute and unmute your each of your takes. This allows you to be picky and see which one is the best, so that you can assemble the perfect take. Once you finish, you should see different parts on different lanes, no huge spaces in between. Now, turn Snap on and select Grid Relative. Move all parts to the top lane. There will be a little adjusting to do, so let a tiny bit of the decay overlap on both parts and then press X, which will add a linear crossfade.
Cubase 6.5 has a more efficient system of dealing with multiple takes, but this is what I always do. I do hope your version has an audio part editor. 
Oh my goodness! Y’all are gettin’ way too technical for me, Strophoid and Bane. I’ll print out your posts and see if I can make sense of ‘em…not that they don’t make sense, of course…jus’ that I’m like a dang old 45rpm and y’all are MP3s!
Ha! If you have any specific questions, please go ahead and ask. If you do this right, I know you will. 
Hey Bane! I noticed that all of y’all include the equipment that ya use in your signatures…I know that yer gonna prolly laugh yer buttz off when ya see mine! 
an’ if ya could see my set up…complete with the stick of bamboo that I cut from tha yard that I attached to my mic stand (with one of those big rubberbands that come around fresh broccoli) so’s I can clothespin my lyrics sheet to it (how a gal can forget the words to her own songs is a mystery!). 
If it makes you feel any better, I can forget the lyrics to my own songs while I am reading them from the lyric sheet.