Garageband for Iphone? Can you?

There's a garage band app for the iphone 5. My laptop has no memory left. I mean not a mega! Therefore I can't record my songs on my laptop. (I compose)

MY QUESTION IS:
Can I record my guitar and my voice in different sections and mix them together in the iphones garageband? Using its built in mic?

I just don't want to spend the money, if its not going to work.

Yes you can http://arstechnica.com/apple/2011/11/garageband-for-iphone-8-track-studio-in-your-pocket/