well of course, quality depend on ur mic, a cheap mic wont sound like a pro sttudio recording. for recordings we don't record it directly on the pc. we use a preamp, and to achieve a stereo sound we use two or more mics.and either record both of them seprately or mix it in the initial stage,
the best thing u shud have is a preamp, they connect to ur usb port, and have the ability to take more than two inputs, and have seprate volume control,and alot of effects, the mics used for pro studio recording aren't cheap. the cost as much as $2000 , but u can buy condensor michrophone, please buy the ones which can be attached to the usb, they have gud quality sound, u can get them for around $50.
and a gud software is of course requored there are various, sony sound forge
but there is a freeware software audacity , it is almost equally powerful as sony sound forge., i've used them both
recording is a very tricky thing. plz ask more ques if u want to know more, aprt from these things the room, filters etc are also there to be considered