i got a $20 mic from bestbuy then i DL audacity and it seems to work pretty good since it is free and what i tryin to record is my acoustic and my electric and vocals so is there any other cheap improvements i could make to help
Go to the dump and get a large burning barrell, a tire iron, few garbage lids, and some buckets. You can use wax paper as drum heads if you tape it down good enough. This will make a good drum set for your studio. Then you can go to Goodwill, they usually have stereo receivers there for like $5-$10. Cut a hole in the top and plug your guitar into it. This can make a great guitar amp!

You can also use a coat rack for a mic stand and just duct tape the mic to it for a stand. You can then get some cotton candy and wrap the mic in it for a wind screen.

Don't forget the bass amp. Just get one of doz ones that go in big trucks and get about 4 18" subwoofers.. make sure the amp is at least 2,000 watts for recording and plug a bass into that. These usually don't run more than $15 if you know the right people and the serial numbers and scratched off.

Also to multitrack without headphones what you can do is play the music really loud through the speakers of your computer and just record over top that... that way you'll have one track really fast.

Good Luck.
I was once heavily prominent on these forums from 2004-2007, let's see how long I can stay now that I'm back.
Don't listen to dutch_apples, he thinks he's better than everyone and he just ends up being an ass. If you are going for really cheap but you want a better sound, you can try taking a line out from the back of your amp and putting that into the line in on your computer, it sometimes sounds better than a microphone.
I don't know which line in it is, it is different on some computers, but don't put it in the microphone input. If you mean what a line out is, its just a normal guitar cord plugged from the back of your amp to your computer but you need an adapter about 1-3$ from radioshack to make it go from 1/4 inch down to 1/8 inch.
ok, download Goldwave.....idk where, google it...but then after you record each track, export it from audiacity and fix it up for quality in Goldwave then put it back to audiacity and mix it....do that to each track...thats what i do....