Yes, they are exist. I know two: Ubuntu Studio and 64 Studio. They are free to download and use (GPL, Open Source)
Both OS are based on Linux (for me it's a big plus) and have a lot of useful programs already on board. One of those programs is Ardour - on both systems. It's a digital audio workstation. I wrote about it in post: ”10 great, free software programs for musicians and sound engineers”. It's something very useful for home and pro recording studios.
Ubuntu Studio an 64 Studio have also many other software, not only for audio. They are made for people connected with media production (also graphic designers and video editors). When you will install one of them, you will get all basic software needed to start some home recording studio.
