If your recording by yourself for just your personal stuff and not the whole band, I'd suggest a MBOX, not the new one but the first version cause they are cheap on ebay now. 2nd depends on what your recording if electric, you can't beat a sm57 for the price and it will work as well for vocals (it has the same basic dynamics of a SM58 vocal mic), if your recording an acoustic, try and shop around for a good condensor mic, I'd suggest Rode, cause they are cheap but great quality. The best recordings are made when you spend your time moving the mic around into different positions and such until you achieve the sound you want to capture. Thats the best advice for any mic placement.
The mbox will have atleast one micpre if not two, but if you have the money I'd suggest a good mic pre. I've heard some great things about the " brick" mic pre(musicians friend should have it) and its cheap for the quality you get from it, its a one channel, but thats all you need if your doing it by yourself one at a time.
