myname: You are correct. To get a "studio-quality" recording, you'll need lots of expensive equipment.

But you've obviously missed the idea: the gap between what you can make with mediocre equipment and top-notch equipment is closing fast. In the old days, you needed good mics because analog equipment needed high quality input. With digital processing and recording, you can get close with a mic that costs $200 (which, if you had a good marketplace for borrowing/sharing equipment, you might only pay $5 for the weekend).