At least that is my intention - I have purchased some gear, and I can play the guitar, so here we go!
I would love input and advice - I lament the demise of the Home Recording Circle and Project Studio before I even got started. At least a lot of this info is archived (thanks JohnR).
Here is what I have
- multiple guitars - Acoustic Martin (needs an adjustment), Acoustic Doolin (with b-band which I have barely used), a Fender Squier (a little noisy in the electronic/mechanics), a couple of classical guitars
- a good PC with firewire
and my Christmas present to myself, at least my latest one

-mics SM57, SM58, cables
-ProFire 610
-ProTools M-Powered 8
- a little Fender 15G so I can play with my nephew at Christmas, and actually play my Squier again...
I have not even opened the Profire and Protools, so first, if anyone feels that is a big mistake, please speak now

I chose the ProFire 610 because I don't want to create a semi-pro studio as a hobby (yet) but just record myself 90% of the time for fun ( and do some video mixing while I am at it) - willing to bring it back and get something else for a good reason, though. The portability with my laptop also looks very sweet.
I do not like USB and I do like Firewire, so the Profire 610 seemed like a good idea, plus it works with ProTools which seems to be a pretty significant standard.
Even though it has preamps, I am afraid I will need mic preamps, and possibly guitar pre-amps, and I am hoping I will not have top double my expenditure right away.
I know we have some members with experience and expertise - let me know what you think!