Haha, chip tunes rule. MilkyTracker (from the Fast Tracker scene) is not as detailed as Fruity Loops (which is an awesome program by the way), but you can definitely do some cool things with it. They have a set of video tutorials on their website. I highly recommend you watch them.
If you own a synthesizer or a keyboard, you can produce your own music using just that device and a normal sound recorder (using the line-in on your computer). I personally use Adobe Audition with sample playbacks from my keyboard and other instruments. You can download a lot of free tunes from flashkit.com. Just plug one of the loops in and start jamming