You can find a quick and cheap recording opportunity as a performer. Many performance venues will record of an artist's live show. They usually charge a small fee for this service, but it's a fast and cheap way to get your music onto CD. One venue, Muse Music in Provo, Utah, offers this service for $30.
The Apple Macintosh program called GarageBand is a useful tool for musicians. Users can learn to play an instrument, write music or record a song. Mac computers come pre-loaded with GarageBand. If you own a MAC, this will be your cheapest option. If you don't own a Mac, you can borrow one, or buy GarageBand and a mini Mac to run it on for roughly $579.
You can buy sound equipment cheaply and produce a good-quality recording. A minimal setup can cost less than $500. You will need an audio interface such as FireWire Audio Interface; a card of the same program as your interface, in this case a Firewire card; and a condenser microphone and recording software. You will also need a pop filter, microphone cable and stand.
One other option requires negotiation. Small recording studios have been known to trade recording time for marketing opportunities. They might provide studio time if you promote the studio when you play live shows. Small recording studios might also trade recording time for referrals of new customers as well.