Mike speaks a lot of sense....the fact that someone asks the question what stuff do I need to make decent recordings? is testament to the fact that they do not have the tec know how to do it. IMO it would take, or as Mike puts it waste, too much time to learn....not to mention the huge investment in spending thousands on the necessary pro equipment to produce radio ready recordings.

To make a good radio ready recording it takes two elements.

1. Decent pro equipment costing a lot of cash.

2. Someone who knows how to use it to its best.

One is not much good without the other.

In other words you need cash and time plus a natural ear and aptitude... things most people have not got a lot of to spare.
My advice as stated before is to concentrate on writing good songs and then if someone shows interest in one you can go to a studio spend a few hundred bucks and demo it properly. I do not know of many people who have the time and creative aptitude to write a song, perform it, record, edit and master it...where ALL elements are of a decent pro standard.
Concentrate on exploiting YOUR strengths and use others expertise to fill in on your weaknesses. Jack of all trades master of none....springs to mind

http://www.soundclick.com/bands/songInfo.cfm?bandID=687727&songID=5238055