No, midi is not a power supply, nor does it carry audio signals, it carries data only. Lots of ones and zeroes. Go to tweakheadz dot com and read some tutorials on all this. You'll be glad you did.
I am familiar that midi represents notes, not audio. The software puts that all together to make audio out of the notes and selected sounds. Anyway, I decided to read through the site. I didn't really seem to take away a whole lot from the first sections, but what I did gather is that with the majority of rigs, there is a bit more equipment than what I have, and I think it made me realize that maybe I will need those ports sooner than I think.
I really did like the part about making music (inspiration section). It was basically a story of my life, so I was happy to hear that I am not the only one who turns out something I love, and days later I think I have no talent at all cause I can't come up with anything... haha.
SOOOO, I got a Rode NT1-a, boom Stand, Shock mount and the M-Audio Fast Track for a grand total of $284... Over budget? yes

But at least I have some equipment to hold me over for a while. I am not against investing $1000 into a pre amp and/or an A/D converter. I just need to get to a point where I am SURE i will make use of it. If I really get into making music, I will get some really nice equipment. Right now though, I tried recording vocals using my laptops built in mic to see how it sounded. Ummmm... Don't try that at home... hehe. This should be a bit of a step up.
Anyway, Thank you for the advice.