so, basically i want to set up a low, very low, budget recording studio in the garage.

as cheaply as possible.

what would i need?

up to now, ive recorded all my songs with a digital camera...
A mic
A recording interface
Matthew 7:7 ""Ask and it will be given to you; seek and you will find; knock and the door will be opened to you."

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You could get the cheap behringer interface which would only be about £30 or $50 depending on where you come from. For a DAW, a DAW is a digital audio workstation. It basicly lets you record and add effects. You could download the Reaper program or Kristal. Both are small to download and are free. For guitar effects and amp simulation, you could get the demo of Guitar Rig 3 from the Native Instruments website. It sounds rather good and gives you plenty of amps from Fenders to the Bogner Uberschall. If you want to know more, PM me and i can give you plenty more info.