Step one, you need a specific goal in mind. Do you want to record one instrument at a time or multiple instruments? Is this for yourself/your band or are you recording other people? What kind of facility do you have? Etc.
Step two, you need a specific budget. There will never be a budget so high it can not be filled with useful gear: similarly, there's so much used gear out there you can start recording yourself for around $30! With a specific budget, you can start prioritizing gear by need: you don't need a $400 pre-amp if you have a no-name omnidirectional mic and a four-track. On the other hand, you won't want a crappy no-name mic if you're gonna be recording a full band! The range is near-infinite: give yourself something to work with, with your specific goal in mind.
Step three, READ READ READ!! Read reviews, forum posts, articles, messageboards, magazines, books, etc. etc. Don't go into this blindly, and don't disregard this step. You can skip ahead so far by just reading the amazing advice out there and applying it to your mixes. You'll also find multiple reviews of hundreds, thousands of pieces of gear! Google is your friend.
Step four, ask questions. (Notice this isn't step one
) Many of us are more than welcome to answer questions like "Would (gear list) be good to (goal) with (budget)?" vs. "I'm a noob, what should I get?"
Good luck! And stick with us