Well...
It was...ok. I think that your idea for a song is good, but it definitely needs some working on to get to a final cut.
-All your audio is coming out of one side of the speakers. Check your settings on your Midi box or in Audacity to make sure you are equalized. If nothing else, double the track, have one be faded left and one faded right.
-Try to get some drums in your song. I think Audacity has a drum machine, I'm not sure. If not, get FL studio.
-Your guitar is a little fuzzy. Try to get it a little cleaner by playing with filters in Audacity.
-If your entry is supposed to be a loop, it doesn't do a very good job of looping seamlessly. Try adding another picky part at the end if you truly want it to loop well.
-It's too short!! I think once everything is said and done, this could be a really good song if you make it longer!
Good luck! I hope that I helped a bit!!