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Good Recording Equiptment.

on the cheap but good...go for the Focusrite Liquid Saffire 56, the preamps are great in that thing.Grab a used Akg 414, or on the cheap but real good grab a shure sm7b, you could use it for everything. as far as a DAW, go for what YOU like, dont let anyone tell you one is better then the other, they are all just programs that make no sound of their own. I used Pro tools 9 when I had the focusrite. I have used everything you can think of ( I started on tape back in the day) and that focus rite did a great job!
 
The focusrite saffire 40 is the 56's lil bro. 1/2 the price, doesn't have the 2 liquid channels but just as beastly. I run pro tools 9 (though any of the major recording software will work, I use PT because I'm certified on it) Try to snag a mic pack. can never have too many shure sm57s. akg 414 good. Samson makes fairly decent mics that are cheap.
 
5StringFool is a wise man. If you think playing bass is a money-sink, wait until you get into serious recording.

Also need to know if you're simply recording a cover band demo or a publishable CD. Either way, the DAW will be the least of your cost worries - you can get an excellent DAW for cheap

You'll get started with a basic setup, but the recording GAS will come.
 
I'm going to go ahead and suggest something. JC... I took a look at your profile, and I'm going to make a couple of assumptions here. I'm going to guess that everyone in the band is pre-college age, and that your budget is pretty limited.

With those two things in consideration (as well as the newness to the recording process) you may want to consider getting an all in one unit, like the Zoom R16 or the Boss BR1600 (I actually own one of the Boss units) both are portable, have a complete suite of effects, etc.; and can be bought for under $500 (the Zoom you can get for $399 new, and I picked up my Boss used for $500, but they run $1500 new). The Zoom will even work as an interface and controller for a PC and comes with Cubase LE DAW software.

Neither of these units will give you an industry standard CD, but they make great demos (either of these are capable of 8 tracks of simultaneous recording which would allow you to mic up a full set of drums), and would get you started in the world of recording.

If you could score one of these units, a good budget minded condenser like an AKG Perception 220, a few SM 57's, and an inexpensive drum miking kit you could get started for somewhere in the neighborhood of $1000 and have a setup that would serve you well for recording demos and new songs you write, as well as live performances for a good while.

If you want to try and build a computer based home studio you'll sink well more than that into equipment if you want "good" stuff.

If you're wondering what the Boss and Zoom units are capable of check out the two links below. The first is a guy on homerecording forums that records all his stuff via the BR1600, the second a is a gearwire review of the Zoom R16 complete with recordings:

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*The music may not be your cup of tea from a taste standpoint, they're only meant to demonstrate recording quality. I would suggest popping on some headphones and take a listen, but especially the Zoom demo... that's a really good illustration of how you can use these things.
 
my .02 on the inexpensive route. Tech 21 BDDI for bass tracks. If you have 2 tracks available do one clean the other with tube emulation. Reaper is a great DAW for around 40-60 bucks if you are pretty good with computers and have one. If not an all in one like 5 tringfool suggested will work. After that just mics & pre's.