I tried this and at the time it wasn't possible for that amount of money. I mean you can get all the equipment fine but basement/home studios suck for sound. You would have to get some sound deadening foam
http://www.controlnoise.com/ and build a room that is soundproof to get anything half decent. Also you need a mega computer in order to do good work fast. I found my computer lagging behind when I went to do some of this stuff.
I don't know about the mic stuff but if you get this its an all in one kinda deal, soundcard and protools to boot. This way you treat your computer as the soundboard and can do compression and all that crap on the computer.
http://cgi.ebay.com/Digidesign-Digi001-P...1QQcmdZViewItem
It gets real expensive real fast...trust me I know.