sjaguar13, here's what I'd recommend as the best and most inexpensive solution.
First of all, I have some PA speakers and a 6 channel head and no mic. I've also been taking voice lessons for about two years (I still suck), but I don't have a mic.
I'd actually recommend you get an SM57 instead, because it's a great live vocal mic, plus you'll get a lot of mileage out of it in the studio. You could get 58's but they won't translate as well in the studio. Might as well kill two birds...
Also, I'm currently building my DAW and need mics for instruments. I figured the mic I sing with would also be good to record, I could be wrong. Will I need two different mics. To record a singer, 2 guitarists, a bassist, and a drummer with a 10 input sound card and 14 channel mixer, how many mics would I need? I want some good quality, so if I could get by with 3, but really need 5, I'd rather get 5. What kind of mics should I get, Shure? The first mic I want is the one I (or if I could find a better singer than me) will sing with.
You could use the 57 - which is a dynamic and requires no phantom power. A much better solution for vox is a Studio Projects C1 condenser.
The 2 guitarists can use 57 on their amps. If you're overdubbing, you can also use the C1 and the 57 together on the amps. Also, a lot of guitarists have some sort of amp emulator like a Sansamp or a Pod, and in that case you can also run direct.
For the bass, no mics. Run direct.
For drums, 57 on snare, a pair
a Behringer ECM 8000's on overheads and
an Audio Technica ATM25 on kick. Four mics is more than enough.
Prices should look like:
SM57 $79 X 3 = $237
C1 $199
ECM8000 $39 X 2 = $78
ATM25 $139
Check out zzounds.com for all those mics except for the C1 which you can get from musiccenterinc.com
That's just $653 for 7 mics that'll give you a lot of versatilty and be enough to cover what you're doing. That's about as cheap as you can do it right now to get started. They're all actually pretty great mics.
My 2¢ and hope that helps!