My first venture into computer recording was 6 years ago, on a Pentium 3, 1GHZ, 256MB RAM, Windows 2000, with a Lexicon Core2 (I think that's what its called) - biggest PCI card I've ever seen, with a 4 line input breakout box, and Cool Edit 1.1
I was completely inept at the time when it came to recording - I didn't know about mic preamps, balanced cable, anything. I thought the breakout box was meant to have dynamics with 1/4" jacks on em plugged right in, ready to go. At the time I knew nothing of bbs's and thought I could figure the whole process out myself, so I never researched recording online (and by 2000, there was plenty of info available, Im sure)
The recordings were this: 4x Radio Shack $20 dynamics w/ 1/4" jack.
1 on vocals, 1 on guitar cab, and two for drums (1 kick and 1 overhead).
I listened to those recordings recently, and the drums and guitar don't sound half bad (as they were both loud enough to even somewhat overcome the gain problems I had in my mic->recorder chain). The vocals, however, are almost non-existant... basically floating in the sea that is the noise floor of the track.