There is nothing wrong with refurbished computers as long as you have some type of warranty which will cover hardware repairs and things of that nature. I wouldn't buy it without that, you'll be sorry if you do. We used to order refurbished Dell computers all the time at my old job and they worked just as good as the brand new computers.
So...
What are the specifications on this computer?
For example get a big enough harddrive no less than 80GB I would say. 1GB of Ram is good or atleast 500MB, Windows XP is a pretty solid OS for Audio Production or even Windows 98/2000 would do fine for what you want to use. My main beef would be to make certain you get a warranty on parts, so if the motherboard, cpu whatever dies on you, you can get a new one without spending any of your own money, the fact that it's refurbished only means it's been used before, but computers are made up of parts and getting a brand new computer doesn't guarantee anything. I've purchased brand new computers for clients that had bad motherboards, CDRoms etc, so it's not that crucial to buy new, especially if you need to save money. Buy something with good specs with a warranty plain and simple. If you need further details or guidance let me know.