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Answer by A Butterfly Production:
It really depends on the amount of inputs that you want.
The cheapest way to have a quality studio is. Get http://audacity.sourceforge.net/?lang=en
The Audacity developers have been busy with many new features over the past year. We're pleased to announce Audacity 1.3.2 (beta), which contains dozens of new features and capabilities. Because it is a work in progress and does not yet come with complete documentation or translations into foreign languages, it is recommended for more advanced users. For all users, Audacity 1.2.5 is a minor bug-fix update that addresses some problems with Audacity 1.2.4, but does not add any significant new features. It is complete and fully documented. You can have both Audacity 1.2.5 and 1.3.2 installed simultaneously. Also, we have just made available a set of 92 LADSPA plug-ins for Windows (for both Audacity 1.2.x and 1.3.x)..
Then you need to get http://www.m-audio.com/products/en_us/FireWire1814-main.html
The FireWire 18/14 is an 18-in, 14-out audio interface complete with ADAT Lightpipe for multi-channel communication with other digital devices. It features 8 x 4 analog I/O at up to 24-bit/96kHz, and boasts 192kHz on the first two inputs and all four outputs. Channels 1 and 2 also include high-quality microphone/instrument preamps. S/PDIF optical digital I/O provides 2-channel PCM, as well as pass-through of surround-encoded AC-3 and DTS material. Flexible internal mixing allows input and output routing, including an aux bus for effects send or monitor mix. A front-panel momentary switch allows DJ-style headphone auditioning between two assignable sources. Other features include two headphone amplifiers, assignable level controller, S/PDIF coaxial/optical digital I/O, 1 x 1 MIDI I/O, and BNC word clock connectors for synchronization to other digital devices. You can get this for around $499.99
If you want more than 2 inputs you can get http://www.behringer.com/ADA8000/index.cfm?lang=ENG
The ADA8000 is a state-of-the art 8-channel A/D and D/A converter with 8 built-in IMP microphone preamplifiers. This ultra-compact 19" unit gives you the opportunity to connect analog audio signals directly to a multitrack recorder or similar equipment via the integrated ADAT® interface—and needs only one rack space for this purpose! In return, you can even connect the digital signal of a multitracker via ADAT® to the eight analog line outputs of your ADA8000. Which can be hooked into the FireWire 18/14 via ADAT lightpipe. you cab get this for around $229.99
so you can have a 10 mic system for less than $800
By: A Butterfly Production

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