Music Recording Equipment/Software?

So, for a while now, I've wanted to record, create, produce, edit, etc. my own music (probably guitar, bass, vocals), but I just have no idea how to do so.

Basically, I'm wondering if anyone has any advice on what I would need to create my own songs. My budget's preferably $200-$300.

I use a line 6 tone port UX2..The software for manipulating the guitar and vocal sound is pretty decent but the recording software is quite difficult to use. You can get that for $200 and have enough for a decent mic...I use a Shure SM58 which is pretty much a recording standard.

There's tons of different editing software available though and you'd probably get it for free online...but I didn't say that. 😛