things to consider:
Computer based
High end PC (Windows based - for a tight budget, Apple Computer - sky's the limit) easy to repair, upgrade and maintain
Recording software - 30% of the budget should go to software
Sound card - PCI card with mic, multiple line inputs. or USB2 or Firewire interface to the PC.
others - microphones, soundproof room, keyboard, guitars, bass, amps, drum kit etc. lots of assorted cables, Music library (sound effects, prerecorded license free music)
Hardware based (stand alone, all in one box) -kinda expensive, better have a warranty..
audio mixer, and recording in one convenient box....