Hi Kade,
I am going to guess you don't have a lot of cash to splash? Well if not we still need to be realistic and say that even kitting out with second hand gear you will not get anything like acceptable results under £150 (you can do the conversion and anyway $$ buy more audio kit than our ££s!)
You will of course need a microphone and you cannot go wrong with a Shure SM57/58. £80 here but available S/H or there are plenty of new, £30ish mics about now that are very acceptable.
Audio Interface. This is basic, can do nothing really without one. My top reccy is
the Native Instruments Komplete Audio6 but that will bust thru the £150 roof on its own (~£179) so we have to look second hand. Two come to mind (and I have/have used)
M-Audio Fast track pro, Tascam US122/144 and, IF you are still running XP, the E-MU 0404usb. The latter is an excellent AI but does not play well with Win 7 or so I hear.
Now, for drums...
Yamaha PSS-680 Portasound Music Station Keyboard in Ipswich | Keyboards, Pianos, & Organs for Sale | Gumtree.com Not THAT specific model! Nasty mini-keys, but something similar with MIDI. A better make is Roland but Yammies are ok as are Casio. The keyboard (get one with pads if you can) is a simple way to generate "beats" and the data can be recorded on the PC as you go.
You will need some recording software (often called a DAW) and
Reaper is perhaps your best bet but should you go for the NI Ka6 you get the very powerful Cubase LE5 for free. Don't forget to budget for cables and a mic stand but if if you buy everthing from one supplier, HAGGLE!
Ah! Do investigate educational discounts. We have a firm called Digital Village here that give some massive student concessions.
Dave.