The choice of equipment I use is very much decided by a tight budget and occasional good offers.

DAW:
Core 2 Duo e4300 OC’d to 2.6GHz, 2GB RAM, M-Audio Delta 44 @ 96KHz/24Kbit, annoyingly loud 500 watt PSU that I’m sure ruins my recordings

Portable DAW:
Turion MK-38 2.2GHz, 1GB RAM, Onboard ‘High Definition Audio’ sound card @ 96KHz/24Kbit with unshielded jacks that pick up interference from the laptop

Mixer
Yamaha MG10/2

Microphones:
Studio Projects B1 Condensor (good value for the money)
MXL V63M (same)
Sennheiser e815s (I don’t believe there could be a better microphone for this price)

Guitars:
Squier Stratocaster from the early 90s fitted with Bare Knuckles pickups and all new electronics (I prefer single coil)
Ibanez RG550 with a Floyd Rose for those Van Halen moments (none have come to me so far)
Epiphone John Lennon electro-acoustic with a broken input and heavily rusted pick up

Basses:
Westfield cheap-o bass guitar

Keyboards:
Roland E70 ‘Intelligent Synthesizer’ (this thing has no synthesis abilities at all, but has a nice piano ‘patch’ *cough*)
E-MU 49 key MIDI keyboard

Synthesizers:
Korg Electribe EA-1 (very basic, but fun)

Strings:
Stentor full-sized violin

Amplifiers (I generally DI as I don’t have good amp miking mics):
Marshall AVT50
Roland Cube 100