Here's my recommendations for a home studio:
-2 M-audio Delta1010LT cards - PCI, 24bit/96KHz 8 in, 8 out each. They actually are 10 in, 10 out if you count the SPDIF connections but you have to chain the SPDIF's between the two cards for multi-card sync, so if you use more than one, they are 8in/8out each. These cards run about $200 each and will allow you to run ProTools M-Powered if you like, but you don't have to. They each have 2 balanced and 6 unbalanced analog inputs (no phantom on any of them), so you'll need to use some sort of preamp stage for each channel. I use an.....
-Allen/Heath MixWizard16:2 which has direct outs on each of 16 channels and the preamps are very clean. You can also use the AUX sends for monitor headphone mixes. New, $1000 but you can usually find a slightly used one on EBay for less. You could also go for the expensive 1 or 2 channel tube mic preamps that are out there but you'll pay more for any of them than this board will cost you.
-A PC with a RAID drive array (2 drives minimum) and at least 2 GB of RAM, make sure the RAID is run from the motherboard chipset, NOT an add-on card. This is most important when tracking multiple channels. If your hard drives can't write the data fast enough, your recording will not happen. Period. Also, try to avoid stuff like fancy video cards and any extra peripherals in the computer that you don't absolutely need. Every device in there can potentially add RF noise to your recordings. Also make sure your cooling solution is as noiseless (acoustically) as possible. The bigger the fans, the quieter they are. Liquid cooling is even better but can cost a lot.
-Mixing software. I personally use SONAR producer and Protools M. I prefer SONAR. It's easy to get going quickly and doesn't have all the setup headaches that ProTools has. It also doesn't have the 32-track limit that ProTools M has.
-a small set of monitor speakers for your desk. Try to pick the ones that DON'T have too much bass response. You can probably go safely with a set of self-amplified monitors for space saving. Digital inputs are also a must. You don't want to introduce any noise from the PC or other sources.
And one last tip: Listen to your mixes on as many different playback systems as you can. Even a crappy CD clock radio can reveal a tragic flaw in your mix, so don't ever feel that it's not worth a listen. A good mix will sound great no matter where you play it back.