JMR --
Welcome to taping! This is a great board with lots of great folks, and the links above will get you to lots of good basics. I've also gotten into taping in the past year and have been piecing together a budget rig as best I can. It's easy to spend a grand++ on a rig, and it'll sound great, but here are a few ways I've found to get enjoyable recordings for less.
Like many noobs, I started with MD ("Those DAT dudes are just gearhead snobs. MD will be great!"). Hmmm...a used MD for $50 and a few patch cables might be a good way to start, but then you're stuck with a MD (not necessarily a bad thing - great for skiing & stealth) if you'd like to upgrade later. FWIW, I've been reasonably pleased with MD, making recordings of shows for personal enjoyment. However, the compressed format, 80 minute discs and real-time transfers to PC are a moderate hassle, so I just got a JB3 for $165 shipped (there's a current coupon code here:
http://www.taperssection.com/yabbse/index.php?board=22;action=display;threadid=16703).
I still do mostly SBD patches or patch from other tapers with sick mics (if I'm not the only taper at a show, as is frequently the case)
But a budget mic setup is possible too. Like Chris says, check out soundprofessionals.com for small mics (GET A BATT BOX!). I found a 10' mic stand on ebay for $17 (seller: amvona.com has lots of cheap stands), a couple of cheap XLR cables, a $100 Samson Mixpad on this board (decent budget mic preamp, phantom power supply, and matrix mixer, thanks silentmark!), and a pair of old mics (Shure 588's(!)) for $9 shipped on ebay. No, they're not fantastic, but they have an even, natural sound, they're a huge step up from my $89 Core Cound Low-Cost Binaural stealth mics, and they were, after all, NINE BUCKS.
I built a mic bar at the hardware store, JPG attached (sorry I can't figure out how to imbed pics).
Anyway, have fun! It's easy to catch upgrade fever, even before you've bought your first rig. Listen to some shows, talk to other tapers at setbreaks or after shows (but don't pester - I have to be conscious of my tendency to enthusiastically ask too many questions).
Like it says, Go See Live Music, and Tape It!