assuming you have a decent computer (512 Ram is good with a fairly new processor) you will need:
- a microphone (a condencer mic would be great and would give you better results if you spent a few extra bucks). this is an important piece to get good quality.
- a premps, this takes the low mic signal and turns it into a larger, more usable singal. They come in a huge range of quality.
- An interface/soundcard, this has the Analog to Digital converters you need to take the signal from the preamp and put them into the computer. again they come in a wide range of quality. some sound cards have built in preamps.
- software, you need this to do the recording, mixing, editing, processing and mastering. lots of choices out there with many different features.
if you are on a budget, i would say focus your funds on a decent mic:
- audio technica 3035 is good condensor mic
- e-mu 0404
www.emu.com is a good soundcard with preamps built in i believe
- mackie traction
www.mackie.com or homestudio by cakewalk
www.cakewalk.com are good pieces of software. i use cakewalk sonar which is basically the step up from homestudio.
you may also need monitors but computer speakers would work until you got some more money togeter.