Yo Adrian! Here's the short and skinny. Since the early 70's almost all mics are low impedence. High impedence mics are a rarity today. Usually, but not always, low impedence mics use the 3-pin connector called XLR and high impedence mics use a 1/4" TS (tip-sleeve) connector, like a guitar cable. Cheap transformer-adaptors became necessary in the early 70's so that people could plug their low impedence mics into the high impedence inputs of their old PA's. Note that most condenser mics (except for a few that are battery powered) require "phantom power", usually nominally 48v, that is sent back up the the common ground third wire of an XLR mic cable to polarize the diaphragm, in other words, to power the mic. No phantom power, no workee.
Tube mics, a sub-group of condensers, require more power than phantom power supplies, so they generally come with a separate power box and a cable with lots of pins, like 7. So if you have an old deck with 4 high impedence inputs, you either need 4 high impedence mics (good luck with that), 4 low impedence dynamics with transformer/adaptors (which tend to be a little noisy) or 4 channels of preamps, which will convert the weak input of the mics into line level, which the old deck can understand (into a line in, not a mic input). Such preamps will also produce phantom power.
My advice would be- if you are a beginner, don't start out with quirky antique equipment that only old rockers and sound men understand. This is really hard, but the best thing you can do is save your money, and keep asking dumb questions on this board until the answers make sense. I did that for almost a year before I spent a bunch of money, and even then, there are things I would do differently, if I had it to do over.
In the end, you will be faced with 3 basic directions in which you can go. You are either going to use a computer, whether a desktop or laptop, you are going to use a standalone digital recorder, which run from hand held 4-track items to complex multitrackers costing thousands, or you are going to build an analog system, either cassette or open reel.
This is my short answer on the basic advantages and disadvantages of each system, so you can decide how you want to get wherever you want to be, and then I'll give you my best (short) advice:
Analog: Cassette systems can be had real cheap in 4 track-check Tascam on line. They often don't provide phantom power, so outboard preamps may be required to use condenser mics. Sound quality is limited by the width and speed of the tape. They are great learning tools, and good for sort-of-OK stereo or 4-track home recordings. It will probably end up in a computer anyway, so it can become a CD,DVD,MP3,WAV file, or whatever, that the average Joe can play on his system.
Pro-level open reel systems use wider tape going much faster, and produce much better sound, but are complex and delicate, and the sticker shock on the tape could knock over a rhino. This is an option for someone that is making a serious comittment to quality analog sound.
Computers- Rapidly becoming the home recording standard, these systems are expandable and affordable. There's a bit of a learning curve for someone who is not computer-savvy. Computers, especially desktops, tend to make a fair amount of noise, and isolating the computer from the mics can become a mission. Laptops often don't support the kind of high-end soundcards needed for quality recording, so an interface is often used, which provides preamps, phantom power, and a physical control surface. The signal is then sent to the computer by USB or firewire. Firewire is rapidly becoming the standard, as it can send more simultaneous signals than USB-based systems. Laptop based systems tend to be more expensive than desktop systems, and more portable. Computer based systems are the obvious winner in the bang-for-buck category.
Standalone systems- Also known as SIAB (studio in a box), this is really a specialized computer made for digital recording. The upside is that they are pretty much ready to go out of the box, provide preamps, phantom power, mixing capabilities, portability, and hopefully ways to export audio data to a desktop. Many have onboard CD burners. The downside- they are usually not expandable or upgradable. If the preamps suck, and they often do, working around that can be a pain. If part of it breaks, your whole system is down, not just a component.
OK- my advice- Start by feeding your immediate need without spending a ton of money. Start with either a palm-sized portable digital 4-track or a low cost cassette 4 track and one or 2 basic dynamic microphones. This will allow you to start recording almost immediately, start your learning curve, and give you the time to plan out what kind of system you are ultimately going to commit to. When you do make that decision, those basic dynamic mics will still have uses, and your portable recorder will become a recording artist's sketch pad/palmtop.
I like this one-
http://www.8thstreet.com/product.asp?ProductCode=42095&Category=Recorder
It'll never become totally useless. Best of luck-Richie