I've got a full studio setup, but to tell ya the truth, it hardly gets used.
Most of the stuff I've been recording was done from within the computer.
fer instance.... the recordings below were done right from within my old Mac G3 (a 1997 computer) using Cubase and just virtual instruments like Absynth, Pro52 and B4.
http://s93744050.onlinehome.us/mp3/Orbit.mp3http://s93744050.onlinehome.us/mp3/CovertOperation.mp3http://s93744050.onlinehome.us/SchmangeOnline/Maya.mp3... without any loops....
http://s93744050.onlinehome.us/SchmangeOnline/MayaNoEffects.mp3The guitars are straight line in and then put through Amplitube.
Everything else is loops, virtual synths and drum machines.
The only time I use the actual studio space is when I'm doing vocals, acoustic guitar or pulling out a drum kit to get some specific drum rolls.
Guess what I'm saying is that you don't need a whole load of crap to do recordings. These days, you can record 128 tracks using just your computer.
It doesn't even have to be the latest greatest thing on the market either...
my G3 is 9 years old and the only update I did was add a G4 CPU and increase the ram to 768mb.