Ok i basically just want all the basic equiment for recording guitar. What stuff would i need and ETC> thanks ahead of time.

All i need to do is record my mp3s from my guitar to hear.
Cheapest possible = USB Microphone for like $30-70 and just put it in front of your guitar or amp when you play.

If you want the guitar to actually connect into the computer you need something like the M-Audio USB Fast Track, which I think runs around $100-120. This is a littl ebox where you plug your guitar in one socket, and the device then connects to a USB port on your computer.

You can use free software in either case - something like reaper or audacity.
My Gear
Epi Les Paul
Roland Microcube
Boss DS-1 pedal
Shure SM57
M-Audio Fasttrack
Cheapest way to record from your guitar would be to buy a 3.5mm to 6.3mm (or whatever size fits into ur guitar) jack:

Those cost about a dollar AUD (according to the internet. I personally already had one at home so it cost me nothing).

And then buy a 3.5mm - 3.5mm cable:

This costs about $20 AUD but I got mine for only $7.

You will be able to record your guitar for about $21 AUD. So yeah, plug the cable into the jack and then plug that into your guitar. Plug the other end of the cable into your computer's mic port (which should be red, not green or black). Open a recording program and record away.

Oh, you might need a recording program too but there are free ones on the internet (eg Audacity or something).
Lead guitarist of a band which has no name

get a tascam 424 mkiii 4 track off ebay - master to you computer/mp3 or use the pc as an effects rig as well. Dont look straight past 4 tracks - you can easily spend a few hundred quid and not be happy faffing around with digital. £50 would get you a used top of the range 4 track + you gets knobs and faders to play with

cheapest way of getting great results - end of.