I've got a lot of inspiration, ideas but limited equipment and even less knowledge.
Currently I possess an electric bass and guitar, an acoustic only guitar, an SM57 mic and a very crappy bass and guitar amp.
My question is, what is the easiest way for a newb like myself to record and transfer the recordings to a PC for manipulation/mixing/etc..?
Its not the gear, its the ear
A great recording is all in the performance.
You need a great sounding room, great sounding instruments and excellent musicians to make a great recording.
It is a poor craftsman who blames his tools
It is a poorer crafstman who uses inferior tools
A great experienced engineer can get a grammy award winning recording on a porta-studio and a pair of SM57s (never understood this one, every great engineer I have ever known or read about have boatloads of high-end equipment, wny would they do this if they only needed a porta-studio and a pair of SM57s?)
Anyway, I am sure there are literally dozens of prime quotes like these to delude a person into thinking they can geat a great recording at home with little experience, Cakewalk and a soundcard.
And, no, I am not insulting you in the least. You have to read, practice and get good, solid equipment built up over time to achieve wht you want.
The actual answer to your question is to set up the mics you have, play and record that the best you can. Keep recording until you are satisfied (which will be never if you are truly gifted).