My gear list is pretty simple:

Recording

I have a MOTU 828mkII firewire interface for my computer, it's awesome. With 10 easy inputs and good ASIO drivers it really changed the way I record.

One of the coolest things is that I can stick it as an insert into an amp, record while the musician is playing, then play it back through the amp. I get a huge kick out of that.

Buy one here: MOTU 828 mkII Firewire Recording System

Bass

I have two basses: a Peavey T-40 and a Mexican Fender Jazz 5-string.

The Fender was more expensive, but I play the Peavey almost exclusively now. If you ever a Peavey T-40 cheap (less than $200), grab it.

The Fender does have the advantages of being a 5-string, lighter, and of course you can buy it without going to pawn shops: Fender® Midnight Wine Jazz Bass V 5-String Bass

Amp

I have a Gallien-Krueger amp setup: a 700RB-II driving a 410RBH and a 210RBH.

It's a pretty sweet wall of sound, too bad it's in storage right now. And by storage and I mean Kevin.

Microphones

My philosophy: go cheap and get a large variety. Something will give you an interesting sound. With the 828mkII sometimes I record with several very different mics and just mix the ones I like.

My current list includes an MXL 990 condenser, and several cheap dynamic mics from Shure and Starpower (remember, sometimes crappy is awesome).