#1
I'm looking to turn a small chunk of room into a recording area for guitar and vocals...any suggestions on what I should buy
My price range is under 700 USD.

(My preferences are rich, warm vocals, so if that helps the vocal recording, much thanks appreciated).
#2
Read the stickies.
For recording just vocals and guitar you could get a nice condenser mic and a firewire interface like the PreSonus Firebox

as for a mic, try the Rode NT1a with a pop filter.

You could get some fair sounding recordings with much less money, like a Shure SM 58 mic and a Mackie Onyx Satellite interface which would total about $300.
#3
MXL v67 has nice warm vocals.. they sell on ebay for like... 150 bucks? less maybe? i can't remember but i have one and it stands up to my Audio technica at4040 very nicely.
#4
Okay, thanks. Now, I got a lot of buying to do (I'm basically revamping my whole setup, guitar, amp, and recording equipment now.)