Computer

• Because you will be using software to record onto a hard drive, a suitable laptop or desktop is a must for your home studio. If your current computer has at least 2GB of RAM, a dedicated graphics card, a 1.6 GHz or better dual-core processor and a 7200RPM hard drive with plenty of free space, it's good enough to run high-end recording software such as Avid's "Pro Tools." You will get even better performance if you double or triple your RAM and get a 2GHz or better processor.
  
  

Audio Recording Software

• Forget about a sound board and signal processing rack; you can replace all those functions and more with professional recording software such as Pro Tools. Pro Tools has become the industry standard for music, film and television recording. It's compatible with Macs and PCs, user friendly and comes with everything you need to make world-class recordings. You can even get it free with Avid's audio interface. If you're on a tight budget and you plan to use your sound card as an interface, there are free software alternatives like Audacity and Ardour. Audacity is easy to learn and good enough for basic recordings and podcasts, and Ardour can handle just about everything else.
  
  

Audio Interface

• Your computer and recording software are worthless without a way to capture sound from a mic or instruments. If you're tempted to use the audio in jack on your computer, think again. Its sound quality isn't good enough for professional recordings. What you need is a dedicated audio interface to connect your mic, instruments, computer and monitors or headphones. Audio interfaces have a mic preamp to boost the signal to an optimal level, instrument inputs and speaker outputs that are properly calibrated and gain controls. Many of them connect to your computer with a USB cable and get all their power from it. Some interfaces, such as the M-Audio Fast Track, even come with Pro Tools or another audio program.
  
  

Microphone

• It's not easy to make vocals sound good but condenser mics can and they also get good results with acoustic instruments. Their sensitivity helps them capture the visceral impact of drums, breaths in vocals and harmonics from a tube amp. Many excellent condenser mics cost around $100 and a few are the M-Audio Nova, Studio Projects B1 and Audio-Technica AT2020.
  
  

Studio Monitors or Headphones

• To get a good recording you need to hear what's happening and accuracy is the name of the game. An accurate set of studio monitors or headphones will expose the flaws in your recordings so you can fix them. They're an investment that will pay for itself many times over. Get monitors if you can as they give you the room ambiance so you can hear how your mix really sounds. Headphones will work if you don't have the money. A few highly regarded monitors are the Alesis Monitor 1 Active MKII and M-Audio BX8A Deluxe. For a great headphone value, the Behringer HPM1000 has rave reviews and sells for just over $10.