I could (actually have:)) write a book on the technical things you can do to set up a home recording studio for the lowest cost and produce the best audio quality (Check out Home Recording Awesomeness: 6 Mostly Free Tips For Making Your Audio Sound Expensive.
But if I could only tell you one thing to get you started in home recording, it would be this: It is way easier and way cheaper than you probably imagined.
I know a lot of people with a lot of talent who want or need to record audio. But the ones who have never done it before, or have limited experience, all think it is just too expensive and too difficult. I mean, like 100 percent of them!
My goal with Home Brew Audio is to provide the information and resources needed for you to start a home recording studio on your computer, and then show you how to use it.
The price of admission is between 0 and 5 dollars. Yup, you heard (read?) right. 5 bucks...and that's just for some sort of microphone if you don't already have one.
If you DO have a mic, your starting cost is "free." The reason for this is the free/open source software called Audacity, which is a pretty amazing program that does both audio editing and multitrack recording.
If you have already begun recording from home, Home Brew Audio provides video tutorials and articles to keep you moving forward. There should be something for all levels of knowledge in the home recording arena.
For those who are at the beginning of the home recording learning curve, however, the most important home recording tip I can offer is to get started NOW. There really isn't any reason not to because as I said earlier, it is way easier and way less expensive than you thought.
See ya around campus!