One of the things I wanted to do when I moved here was setup a home studio. Honestly, I had no real goals above and beyond that one. I planned on getting everything together and taking it from there - whether I did a podcast or invited friends up to "jam," I just knew I wanted a home studio. Things did not work out that way, despite the fact that I bought some of the equipment.
The point is that you can buy everything you need for a home recording studio at musicians friend for next to nothing. And, if you have the room, you can set it all up and stare at it. Or, you know, do something with it.