alright, so my band plays in my drummers basement and we have a dilema. We've recorded in studios before, however we would like to stop spending some money and purchase a kind of "home studio" if you will.

so the question is, what do we do? what do we need? how much would this be?

Marshall MG 50DFX
Fender Stratocaster
Epiphone Les Paul Standered
Dunlop Original Cry Baby
Yamaha APX5A
RP 350
a multi-track recorderwould probobly be best, they are anywhere between 300-3000 dollars, it really just depends on how many tracks, and what features it has
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"did what hurt?"
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really your best bet i think would be PC recording. which is going to be pretty expensive. first lets assume you have a PC (since you're on UG) theres a lot of different theories about miking a drum kit but on the excessive end you'll want about 10 + mics and they do need to be pretty decent quality (not awful $10 radio shack mics, probably) you will also need a mixer. the # of channels on the mixer needs to match the # of mikes being used on the drums. you will also need a good condenser mic for your vocalist which can run anywhere from $150 on into the thousands. some good speakers or headphones for playback, an input device to record all this onto your computer, (again $150 +) some good mixing software which can run anywhere from $100 + (such as Acid or Pro Tools, both of which will run more than $100)

really to record everything you're looking at around $3000 for a good quality recording. you can use different drum mic placements and record with fewer mics (some jazz drummers just use 4, 1 bass mic, 1 snare mic, and 2 over heads) and you may not want the highest quality everything (there is free mixing software on the 'net) ultimately you might be able to drop your cost down to around $1000 - $1500 if you go with lower quality stuff (again not crap, just lower quality) i would definately suggest spending good money on a vocal mic as that is definately worth it (a shure sm 57 is about $100 and is virtually the industry standard and can also be used to record instruments) i hope this helped!