Home Recording Studio
You've got the songs. You have the moves. Now, here is what you will really need:
A great big computer. Don't skimp on this! Get the most RAM you can afford and the largest hard drive and external hard drive you can get.
One (maybe two) REALLY good mikes. Don't even think about a mike that costs less than $200.00. Get a large diaphram mike.
There is a lot of software out there, but if you are really serious, you should check out Pro Tools, which is the standard for recording studios.
An isolated room. This can be your living room, just get rid of the fish tank (loud pump), move the Pina Colada blender into the kitchen, unplug the TV, XBox, and kick out the neighbors from upstairs. Maybe even your girlfriend / boyfriend. Then cover the hard flat walls with a comforter, and make sure when you clap your hands, you don't heard a 'twang'. This is a fast echo - not good for recording.
Next, curl up with your Pro Tools books, watch the training DVD about 5 times, and don't even think about starting to record until all this is done.
Make friends with someone at a local studio and ask them over for a few beers. Then trick them into engineering your song.
That's all you need! Rock on. Don't forget us little people!