1. Shure SM58 Dynamic Cardioid Vocal Mic ($99, shure.com); 2. Exo 2.1 Stereo Monitors ($349, musiciansfriend.com); 3. Sony MDR-V6 Headphones ($59, craigslist.org)

THE UNDER-$500 SETUP

Even though you’ve halved your budget, there’s still some pretty good gear that will get the job done. You’ll definitely have to make tough decisions - if you opt for the higher-end audio system, for example, you’ll have less money to spend on mics and speakers. Again, hunt for those bargains online.

The Audio Interface

You might start with an M-Audio Fast Track Pro ($199.95) audio interface. Compatible with most popular Mac music software, it connects via USB and has two Mic/Line inputs, a single MIDI I/O, and two 1/4-inch TRS outputs. It also comes with Live Lite 4 and GT Express software. The FastTrack Pro unit itself is really pretty light, fits nicely in a bundle with your laptop that you could take into the field, rehearsal studio (or a live setting), or just leave on your desk while recording. And it sounds great. As an extra bonus, it doubles as an audio interface for Pro Tools M-Powered software. For even less ($99.95), you can pick up the M-Audio Fast Track USB, but it doesn’t have inputs for a microphone. It’s primarily an instrument/line input for recording your guitar/bass or keyboard.

For around $99, you can pick up the IK Multimedia StealthPlug, which is a compact, cable-like USB audio interface for guitar and bass. It comes with Amplitube 2 guitar amp modeling software and will work as a plug-in or by itself. That means you can run it quite nicely with GarageBand, Pro Tools, Logic, or whatever else catches your fancy.

And don’t forget the external hard drive, if you can squeeze it in: Try the EZQuest Pro Audio FireWire 400 160GB model ($169.99 list/$139.99 street).

M-Audio's Fast Track Pro packs a power punch for just a hair under $200.

Add the Mics

The Samson Q1U is a pretty versatile handheld mic with a built-in USB interface and a desk stand that can be found for under $60: Plug it right into your Mac and record. The Audio-Technica AT2020 can be found for a street price of just under $100, and provides a wide dynamic range. This could make an excellent overall mic to cover your acoustic guitar or percussion. The Studio Projects B1 is a large-diaphragm condenser mic with a Mylar capsule that makes for some hardy and acoustically true sound capture. It also comes with its own shockmount, for about $125. Large-diaphragm mics generally sound better with vocals, as they produce audio that is “warm” by most standards.

Listen Up

For headphones in this category, check out the Sony MDR-7502s, which are perfect for DJs and home audio buffs at just over $50. Audio-Technica has the ATH-M3X headphones, an open-ear design with a decent amount of low end, coming in at just under $40. Yamaha’s $20 set, the RH2Cs, have isolated ear cups and an adjustable headband.

To round out the under-$500 package, the Tascam VL-S21s are a pair of cool flat-panel monitors with an 8-inch subwoofer. These are perfect for the desktop and cost around $100. Once again, M-Audio comes to the budget rescue with its Studio Pro 3 Monitors, offering up a 3.25-inch woofer and 1-inch tweeter for just under $100. If you’ve run out of money at this point, just settle for those internal computer speakers and hope for the best - at least until you can save up a hundred more bucks to buy yourself some decent monitors.

DESKTOP SPEAKER GEAR THAT REALLY FITS

The difference between a pro studio and a home studio - outside of the cost - is usually the real estate footprint. We might record at home, but lots of us would love to actually live in a studio with its huge live rooms, tall ceilings, and, we guess, the ability to make noise whenever you wanted. In any case, getting the best gear onto your desktop means getting the best gear that will actually fit on your desktop. The laptop is a given. Mics and headphones are easy to fit. Speakers, complete with resonant cabinets that can be space hogs if allowed, are now coming in smaller, truer, and more powerful formats. Our two recent faves, at two different price points, fit on most desks:

EXO 2.1 Stereo Monitoring System ($399 list/$349 street) sports 3-inch two-way satellite speakers. Their presence on a desk is discreet, and the low frequency response we got while listening to some stuff we were mixing for our podcast was impressive too. That’s the good news. The bad news is that the 8-inch subwoofer - something you wouldn’t want to be without, especially if you’re mixing dance music - is, well, gigundo by comparison. But if the proof of the pudding is in the tasting, this sounds good enough to eat.

KRK Systems VXT4 powered reference monitors ($399 list/$299 street) are 4-inchers that are so good (and small) they’re better than your ears are ever likely to be. Half the stuff you hear on the radio? Yup, they were mixed with these. If they’re good enough for Christina Aguilera, they’ll work just fine for the soundtrack you’re composing for your trip up to the mountains.