Step 1: Equipment
Microphone (I used an audio technica AT202. 100$, and is a very good quality mic)
Mic stand (I prefer a boom stand because it allows you to mic different angles)
Windscreen for vocals (if you're going to be recording many vocals and with different people, I recommend getting the metal mesh windscreen. It's 50$, but you can clean it, and it lasts longer.)
Interface (something to connect the mic to the computer. Lexicon's LAMBDA works well and is low-priced at 130$ also comes with CUBASE LE4)
Computer (as long as it has the power to run a recording software, use it.)
Cables (if you're only using one microphone, you're going to need a special adapter to get a stereo recording. one female->two male)
I also used a second monitor because all the windows kind of clogs up one screen. However, that is entirely a preference.