Hey, everyone I'm new to these forums and this is my first post. First, let me start off by saying that I've been playing guitar for about 12 years, self-taught. I absolutely love music, and nearly my whole life I've been playing all different kinds of instruments.

Anyways, I don't really know much about at home recording or studios for that matter... but recently I've been thinking about maybe setting something up with my PC at home. What I'm really looking for is something that I could plug my guitars into, a drum machine, and of course software to go along with it ( preferably with lots of different distortion effects ) which I could all hookup to my PC and record CD quality music. This is a completely new concept for me, so any help is really appreciated.

Also, at the moment I don' really have a budget set, but I just wanted to get some sort of idea of what to look for and what to expect in price ranges.
If it's just for guitar then get a Line 6 DI (Direct Input) Box. It's a usb device that converts the impedance of the guitar singal in to something suitable for your PC to record well.

Then some software, Cakewalk Sonar if you are a windows user. Ardour + JACK if you are a mac or linux user. With that you can arrange drums, guitar, bass, any instrument you record and add some VST plugin effects.

If you want a more versatile studio for drums, pianos, vocals, MIDI, then you better start saving
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After recently recording in a "home-made" style studio, the best advice I could give is Pro-Tools to record with. You can pick up basic M-Boxes for around £150-£200 and they will help alot providing your computer has around 1gb of RAM you'll be fine. I also second the Cakewalk notion for drum machines.
I have a book on recording music (pretty much for beginners, but it has useful tips) which states on two ways of recording for guitar. Directly through a line in or through 1 or 2 mics placed at the mic (in case of 2 mics, one in the front and one in the back). The difference is, is that sometimes in a direct line in, it might not capture the warmth and tonal characteristics to the fullest. It is however cheaper than getting proper mics, which DO get the right sound.

I dont have a lot of knowledge to share about recording studios but I am interested in it, so Id like it if more people would post as well.
I don't have a computer. I use a Boss br900cd digital recorder. 8 tracks which is good enough for what I am doing. It has two phantom xlr imputs, drum machine, cd burner, vocal effects, guitar effects and more. I love it. But it does the job you need. I even mic my drums for live drum beats.