I thought this would produce a factorial function...
(within ghci)
Prelude> let ft 0 = 1
Prelude> let ft n = n * ft (n - 1)
Prelude> ft 5
(hangs indefinitely, until ^C).
The two separate let statements are interpreted independently from each other. First a function ft 0 = 1 is defined, and then a new function ft n = n * ft (n - 1) is defined, overwriting the first definition.
To define one function with two cases you have to put both cases into a single let statement. To do this in a single line at the GHCI prompt you can separate the two cases by ;:
Prelude> let ft 0 = 1; ft n = n * ft (n - 1)
Prelude> ft 5
120
let (that's the "almost"), in a file Factorial.hs, then in GHCI enter: :load Factorial then ft 5 you'll get 120. Don't know if you've come across "do notation" yet (e.g. for I/O), but the syntax that's allowed at the GHCI prompt is the same as what's allowed inside a do block.