Don't go cheap on the cables either, make sure you get quality cables. I suggest Monster, they always work for me. Monitors play a big roll, Mic isn't too god awful impotant hell, I recorded some of my tightest vocals on an MXL 990 and those are like $50 brand new. Make sure you have a decent running computer also, you will thank me for it later. As for a Preamp I use a ART Tube PAC Preamp/Compressor and it was only $120 and it is decent, not the best but affordable.