You only need two things to record in a studio: songs and funding. Most good recording studios have a wealth of professional instruments available for you to use. Recording a full-length album in a good local studio has in my experience cost about $800 to $1,000. If you decide to go into a studio, try to perfect your performance and work out any kinks in the process before you start recording. Studios and sound engineers charge by the day or hour and the less time you waste unnecessarily, the less you'll need to pay out of pocket. Even if you're being funded by a record label, the label will recoup any recording studio costs. This means that you will end up making less profit per record sale if you spend more in the studio.
Perhaps a more economical option is the home recording. Most homes in America have a computer in them already and most modern computers are fast enough to run audio multi-tracking software. Macs often come preloaded with with a program called GarageBand for professional-quality home recording. For PCs, SonicFoundry has an excellent suite of programs for audio editing, looping, and multi-tracking: Soundforge, Acid, and Vegas. Beyond that, all you need is a microphone and a couple cables to begin recording and mixing your own album. Most good sound editing programs have digital effects that can allow you to forgo expensive hardware. However, be aware that learning to use the software effectively takes time, so be patient.