Looks like it will work!
Not stellar stuff, but for someone starting out it should do the job for that price.
The Tascam comes with Cubase LE, so that will be good starter recording software.
What type of computer are you using?
Any instruments you will be recording?
Or is the microphone just for vocals?
Will you be using headphones or computer speakers for listening?

I currently have a HP laptop, not sure exact name. But its got 3gb ram, 300gb hard drive, decent soundcard

I will mainy record vocals, maybe a little bit of drums here and there

Headphones

Also I would like to make some hip hop beats/ drum work and my friend told me I should pick up a MIDI Keyboard and possibly a MIDI Drum pad. I was wondering what the basic of those two things are and if I should purchase one, also if you have any suggestions into which one I should buy.

For a MIDI keyboard and drum pads look at some of the Novation stuff that comes with drum pads on the keyboard. I think those are some of the best bang for your buck and for starting out would be great for making beats...look at the Nocturn's. I don't know what kind of $$$ you want to spend but you can search online for all that stuff and see what your price range fits. That Tascam has MIDI connection and CubaseLE has some built in sound samples so read up as much as you can on all that stuff like reviews etc. and then buy what you need and can afford. There are many free VST instruments and plugins online that you can use with Cubase to make noise...drums, synths, compressors, limiters...all kinds of sounds you can play with the MIDI keyboard and drum pads and record into Cubase. Sounds like your just learning some of this stuff...so don't go crazy and buy a bunch of expensive stuff that you will get frustrated learning and feel stupid for buying. Start out small and keep your budget small and really learn how to record using a minimal setup...work on it and make some nice sounding stuff...listen to it and squeeze as much quality out of that setup...then when you can make that setup sound great, start swapping out for better parts and pieces over time....it's not the equipment that will make you a good tune...it's you that makes the great tune and all the expensive equipment in the world won't make you sound good if its not there to begin with....Music is like everything in life....time, practice, knowledge and experience.
Don't get lost in the equipment and $$$ and lose your own creativity