it's not exactly a cheap thing to get into....i've been doing alot of research on it and asking lotsa questions(sorry neps ?) you will need:
PC - here is a link to what about you looking at
http://www.soundz.co.za/ProductInfo.aspx?productid=STUDIOPCBUDGET you will also need to get a LCD screen,old screens interfere and make feedback.
soundcard - i'm using a Maya 44 USB soundcard,retails for R1800,i got it before the price increases ?
http://www.soundz.co.za/ProductInfo.aspx?productid=ESADT016
Mixer - i'm using a Behringer mixer at the moment,they are really inexpensive and they work really well(one of the only things i would use from Behringer) i have a Behringer XENYX 1002,i got it before the price increase for R800
http://www.muz.co.za/index.php?main_page=product_info&cPath=197_350&products_id=1369
Midi Controller - i still haven't gotten one of these,no cash at the moment,they are about R200 or so
Midi Interface - if you want a midi controller you need to have a interface,you can use the old game pad port if you have one on your PC,you get cables that go to that type of connector
Monitors - R3k or so for decentish ones,Neps cost R30k
Headphones - i paid R300 for my Sennheiser ones
Mic - different mics are for different things,most versatile is the Shure SM57 then the SM58,you need more than one mic as it will sound better to use certain mics for certain things,but to start off a Shure SM57 would be best(IMO)
Recording/editing programs - these are alot,you will need Cubase,Pro Tools,etc. you do get free programs like Audacity,Reaper,but they really don't compare....
Cables - these seem cheap,but in the end add up to quick a bit,you need decent cabling to make a good sounding recording,guitar cables,mic cables,even audio splitters(so the person doing the recording can here what they doing through headphones while you listen through the monitors)
Other bits and pieces - Pop Filters,stands,etc. all these add up in the end. even acoustic treatment,etc all adds up
hope this helps,and hope i didn't for get anything ? *alot of the credit goes to Neps for putting up with my shit ?*