For testing purposes you'll need at least version 10.1 if you're running on Windows 7. The home version is little more than a toy so I strongly suggest using Premium/Preferred at minimum. You can actually use the product up to 5 times without registering it online and using up an activation. If you put your computer in hibernation mode rather than turning it off you can make those 5 uses last a few weeks.
The integrated soundcards are still not good for Speech recognitoin with Realtech Audio being at the bottom of the heap. A good microphone is not hard to find at all but too many people go for microphones that were intended for Voip and video games. Thier are amazing microphones that range in price from 50.00 to 500.00.