we are thinking about building one in our basement.

tascam dp01fx-digtal 8 track with a 40 gig hard drive, guitar effects(and it burns CDs), and phantom power. I’ve been using it for over a year and haven’t had any problems. Sounds just like a professional recording. I paid $799 when it first came out last year but I think they’re down to about $500 now. The only bad problem that it has is that it doesn’t have pitch control. Other than this you’d need an amp and monitor.