Here's my dirt-cheap recording studio shopping list:
Presonus firepod $500 (all-in-one interface w/ 8 preamps, phantom, DI, and good A/D)
4 KEL HM-1 mics- $500 (excellent instrument mics)
2 MXL 604 or 603s condenser mics- $200 (you should be able to get a better deal on these, actually. They're outstanding drum OH, wide-pickup small condensers).
2 Shure SM57 mics - $200
1 MXL V67 large-diphragm mic- $100 (big, rich-sounding vocal mic)
1 Apex 210 Ribbon mic- $130 (just because)
1 Cheap little mixer (like behringer UB-802)- $70, just handy to have around.
1 pair of E-MU PM5 monitors bought on clearance RIGHT NOW (see my other thread) $200
$200 left over buys you a spool of cable and a bunch of connectors. Learn to solder. You're gonna have to sell some blood to get some mic stands (boom-type. do yourself a favor) but otherwise you should be all set, presuming you have a computer.
Cheers.
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