Well.. I've been putting off this hobby for a LONG time (couple of years), because I don't know what to get. So hopefully I can FINALLY get an answer and start pursuing a little of my dream of making music.

so can I get some advice on my potential setup? I really don't want to spend a lot, as this is 'hopefully' an upcoming hobby. I just want to try it out, see how creative I can get, and just record some songs me and my roommate think of on our spare time 'for fun'.

Recording Type (Genre):
-Guitar (acoustic guitar and electric distorted guitar) (Metal,Rock,Country)
-Rap (downloaded instrumental + our vocals)

My Current Setup:
Computer with Windows 7
X-FI Platinum with Audio Bay for Recording (Too sucky for recording?)
Acoustic Guitar
Shure PG58 Microphone
2 Electric Guitars hooked up to a BOSS GT-8 Pedal'
Yamaha Digital Piano

So in total, we have (3) 1/4" Plugs
And for the microphone, a XLR input.

I don't really want to do an effects outside of using computer software, so what do I need to 'connect' everything together?

A mixer? When I looked at prices for those, they can get pretty high. But since I don't want to do much effects other than volume, highs, and lows, is there anything within a beginner's budget you can advise me to purchase?

I plan to use Adobe Soundbooth/Cool Edit to record, then do the effects and editing with the software.

Whether or not I decide to pursue to start a musical hobby and see if anything happens decides on if I can find suitable parts to purchase.

Thanks a LOT for your help.