What do you need to make good quality recordings? Experience and knowledge. You need to know the basics of recording, like mic placement, proper gain staging, how to use the gear, avoiding phase cancellation, etc. If you don;t know that, do some research on the web or buy a recording book. You also need to know how to make your instruments sound good before you record them, and that includes knowing how to play. If the source sucks, so will your recording.
As far as the gear goes, a real pro can take a handful of SM57s, a Mackie and an M Box and make something listenable and musical sounding. Save your money, stick with the gear you've got and learn how it works before you start worrying about buying something that you won't have the knowledge to use properly. Listen to lots of good records, study them, and see if you can get some of those sounds with the gear you have and experiment. Don't just come in here and say "How do I do this?" You'll become a much better engineer by experimenting and trying to figure it out yourself.
Good luck and have a great time doing it!