well fella.....you do need real equipment.
For free I suggest Cool Edit 2.0 for software on a PC Base.
Mac Base- I use Garage Band and it works fine.

You need a Phantom Powered mic. Not that junky lookin thing u got up above me.
And with the mic.....your gonna need a amp to power it.

Or......you can go old school like i did and get decent quality.
Grab one of em ps2 mic's that u got with socom navy seal and plug it into ur labtop.
type ya lyrics on the screen an spit em thru the headset while u record.
its pretty effective cus the mic level stays the same when ur hands free and its attached to your head. It aint pretty.....but we dont get to see what u look like when u record ne ways.

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The opposite of LatinKitten.