I am going to be having a studio. I want to spend the least amount of money possible, and still get pretty good quality. I have nothing, not even a computer, so I guess I'll need one of those too. thanks alot.
Well "pretty good" quality is a pretty loosely defined term. If your talking better than tascam 4-track tape cassette quality, then there are some not so expensive options. If your talking recording a full band demo that you want record execs to hear quality it'll cost considerably more.
Traditional multitrack recorder- this involves seperate mixer/preamps and outboard gear plus something to record on to. Probably the most expensive route but there is a huge variation in price of all the various bits and bobs you'll need so you could get started fairly cheap. This way you'll learn to record in a more hands on way which may or may not be good for you.
Computer- these days you can do everything through a computer as long as you have the right software and interface (sound card). I don't know much about this as it's not how I like to do things but it's relatively inexpensive compared to higher end traditional recording equipment (although these days you will need to have a PC or Mac with a reasonable spec). Also there are lots of possibilities for expansion and editing your music is really easy on a PC.
All in one recorder- also called a studio in a box (or siab). These vary quite a bit in what they can do (and in price) but starting out this is the route I chose for convenience and cost reasons. As the name suggests you can do pretty much everything on these but within limitations. Record, mix, add effects and in some cases master and burn to CD.
You should look around the site and elsewhere and decide what set up would suit you most. When you've aquired a bit more knowledge you could maybe come back and ask more specific questions. You'll find that the more knowledgable and experienced folks here will more likely respond when the questions are more specific.
A couple of used 20 bit type II ADATs can be had starting around $250 a piece and a decent used mixer of some description (Mackie, Soundcraft, etc) at around $500 or so would still leave some cash for mics. Two AT 4040's and five SM-57s would be something to consider. Do some reading here and you can find a shit load of opinions on inexpensive mics, condensors and dynamics.