Do you know if you want to record on your computer or analog (like on a 4-Track tape recorder)? If you need help making up your mind there are a lot of posts on this subject around here on this very subject.
The following is one of my previous posts that I had done a while ago to someone asking the same question that you are.
I would strongly suggest going the way of the computer (if you have a fairly decent one that is). I think you can do so much more with computers than you can with analog tape recorders, from recording multiple takes of just one instrument or vocal and picking the best sections from each one and combining them onto a single track, to adding multiple effects without having to buy tons of effect modules. It's definitely not the only way to go, but I feel that it's the best and easiest way and I would recommend it to anyone. I started just started recording myself about a year ago and I made my first demo, a 3 song CD, in 3 months with no previous recording experience what so ever. But if you spend some time to pouring over your manual and really get into it, it's not as difficult as it may seem.
I'll tell you the little I know about some of the cheaper stuff that should get you by and also what I have (which isn't much more) and then you can go from there. If you decide to go computer, the very cheapest software I've seen is Cakewalk Home Studio 8, for $20 (but you get what you pay for), I personally wouldn't go under $70 for software. Cakewalk Guitar Tracks 2 runs for $70, and Song Foundry also makes some good software too. I have Cakewalk Pro Audio 9, and I am extremely happy with it. At the time I bought it, it was around $350 but now it's about $180 and this was still a good buy even at $350.
In the way of mics I would recommend at least two
Sure SM57's and at $80 this is the best all around mic there is. It can do everything from vocals, to micing guitar amps, and especially works great on close micing snare drums and toms. I personally don't have one (yet), but my friend has 2 of them so I know how good they are. Although the SM75's work great on vocals a good studio vocal mic can really add a lot to a recording. CAD, Rode, Audio Technica, and Sure all make good quality mics, the Rode NT1 runs at $150 and from what I've heard it is a good mic. I don't own one but I have heard a lot of good things about
the Audio Technica AT4033 ($350), I've heard it compared to a Neumann (which makes really top of the line mics) so it must be pretty good. I own a Rode NT2 ($400) and it's an excellent vocal mic, it also works great on acoustic guitars.
You will also need to get a small mixer, the Behringer 4-channel mixer runs about $100 and that should do the job nicely. I have a Behringer 8-channel mixer, which was around $250 I believe at the time.
If you don't already have one you will also need to get a sound card that is full duplex, which allows you to record and have playback at the same time. I have the Turtle Beach Montego (about 70$), and it does pretty good. You will also need a CD burner, probably in the neighborhood of $150-$200.
That should be enough to get you started for now, but later in the future when you really get serious about recording and fanatically upgrading your studio and drooling over all the latest equipment (it's pretty much like a virus) you might want to look into a good mic pre-amp, compressor, and maybe a reverb or effects unit or two.
I hope this is helpful
-tkr
