A_happy_medium

I'm in an out of various bands due to drama and such, because of that I've decided i want to front my own. I intend to create a studio of decent quality but I'm not sure what the best way is. My peers in the scene have been useless as far as advice considering we're all high schoolers, likewise with the "professionals" at the music stores unfortunately. The studio will be located in my bedroom. Its square about 16x16.
My current equipment:
-Gibson Flying V
-Fender frontman R38 amp
-Hoffner Hi-series B-bass
-Acoustic B30 bass amp
-desktop /w/ Windows 7

The info I want know is what mics, mixing boards, software, cords, etc.
also should i buy an electric or acoustic drum kit.

I have a moderate budget so I'm basically looking for the cheapest, decent quality product.

I want to create a nice, professional sound. so any tips, info or w.e you might have to offer me is appreciated.

Thanks, John aka A Happy Medium