Buy a NEW Behringer XM8500. Best mic in that price range. You probably wont get any better for this price. It's worth 3 or 4 times what it sells for. Great mic. Better for live settings but doesn't record all that bad either. It's not a 58 beta but not that much less than a sm 58, honestly.

'86 Carvin V220
'92 Carvin DC135c
'06 Fender Strat MIM w/Carvin AP11's
'08 Gibson Les Paul Studio
Epiphone LTD ED. SG w/EMG 81/85
Schecter Damien FR
'08 Ibanez Prestige RG2610E
'04 Carvin CT4M
'91 Jackson Professional Stealth Pro

If you have any sort of steady income save up and at least get an SM57 or 58...

If you want to record and don't mind having to screw around with the EQ live a Beta 58 is an even better option; it costs but it's worth it.
Its not to record, its to put on my pedalboard. Ima like tap it and stuff, and send that through my delay and other stuff to get a rhythm going, just for noise purposes. I've got a 58 already for vocals, i just need a crappy mic for this.
I'll look into the behringer