This is my home studio setup and a list of my equipment. Click here to see photos of my setup.
Basic Equipment:
Computer: A basic Windows Vista PC, core duo processor, two internal drives, a 160gb, 300gb, and a 160gb external. I also have a new portable terabyte drive that floats between my laptop and my desktop.
Audio Interface: M-Audio FastTracks Pro. It has two mic inputs that take either 1/4 inch jacks or the jacks for condenser mics. The unit has built-in phantom power.
Microphones: Shure SM57 $99, Shure SM58 ($99) and a cheap little condenser mic, the M-Audio Nova Large Condenser Mic ($89) .(It actually is more of a Medium Condenser Capsule mic in my opinion.) I use the 57 for accoustic guitar and mandolin. The 58 and the Nova for sax and vocals.
Keys: Old Yamaha SY55 & old Oxygen 8 (which gets used the most.)
Software: Sonar, Audacity and Sony Acid Express. The last two are free.