Okay, first you need to establish what you intend to record on.
If you intend to record on a Computer, you need to keep a few things in mind.
#1. Obviously, You need to be bale to have the computer in the same place you intend to record.... so that rules out using most family/home computers.
So you'll need a Computer.
The Fastest CPU you can afford. at least 1 Gig of RAM. and 2 Hard Drives - the first one is to put your programs on, the second is to store your audio files on.
The best bet is to get a high-speed firewire card installed.
Then, go with a Presonus Firepod. It allows you to plug 8 microphones directly into a computer.(about $600) If you buy the Presonus Firepod, it comes with a software program called Cubase LE that is a 48-track audio recording software. I haven't used it, but I know a lot of guys who have, and I've heard a lot of good things about it - especially for something that came with the interface.
You'll need a set of Audio Monitors - not "PC speakers" - you can't use those. Generally somewhere between $300 up to $1,300 for a pair is what most people spend.
Microphones?
Some of us have had lot of success with Marshall/MXL 603 microphones and 990 microphones. I prefer condenser mic's for recording, but some people prefer dynamic mic's. Condensers require what is called "Phantom Power" which means the preamp sends an electrical signal to the microphone to actually power it. These types of mic's tend to deliver a very crisp sound with great detail.
You'll need a multichannel headphone amplifier to power several sets of headphones. (about $150)
for Headphones, just use cheap headphones. After all - you're not worried about sound quality here - these are just so you can hear what you are playing to. I use Philip's headphones that I got on sale for about $20 at Walmart - I bought 5 pairs of them when i caught them on sale, and they work great.
If you do a search for Harvey Gerst - he's a Homerec.com forum member - he sells a kind of headphone that a lot of guys use, and sells them for dirt cheap.
You could get into recording for a few hundred dollars, but my advice is don't waste your money. if you can use the PC you have, that helps a lot.
I would definitely go with the Presonus unit. I've talked to several friends who have them and I've heard nothing but great things about them. This is the model I intend to go with. I started out on tape, but I'm going to move over to the PC recording. It's the way of the future, and it's here now.... and has been for a few years.
By the way, welcome to the board.
Tim