Mic Check 101 (Cubase 5)

Condenser microphones are the most common types of microphones that you'll find in most recording studios, not just home studios.
They have a superior frequency response and transient response - which is the ability to reproduce the "speed" of the source signal.
They also generally carry a louder output, but are much more sensitive to loud sounds.

Condenser microphones are generally more expensive than dynamic microphones, but many cheap condensers mics do exist.

They require the use of a power supply, generally 48 volt "phantom power", This phantom power is generally supplied by most mixing boards or external power supplies (look for a switch that says "P 48" or "48V" on the channel strip or on the back of your mixer.)

Condenser microphones are generally preferred in recording studios because of their sensitivity to loud sounds and the fact that they're quite a bit more fragile than their dynamic counterparts.
That being said, you'll find them onstage at live music shows, used for drum overheads also for use in orchestral or choral sound reinforcement.

With condenser microphones, you'll generally find two different types: small diaphragm, and large diaphragm. Large diaphragm condensor microphones are the most popular in many studios home or professional.

Dynamic Microphones

Compared to condenser microphones, dynamic microphones are much more rugged. They're also especially resistant to moisture and other forms of abuse, which makes them the perfect choice onstage.

Dynamic microphones like the Shure SM57 and Shure SM58 are legendary for not only their good sound quality, but the amount of abuse they can withstand. Any good rock club probably has at least 5 of each of these microphones in various states of aesthetic ruin; however, they still turn on and more than likely sound just as they did the day they came out of the package.

Dynamic microphones don't require their own power supply like condenser microphones. Their sound quality is generally not as accurate, however.

Most dynamic microphones have a limited frequency response, which makes them well-suited, along with their ability to withstand high sound pressure levels, for loud guitar amps, live vocals, and drums.

Great dynamic microphones include the Shure SM57 ($99), Sennheiser E602 ($99), and the Shure SM58 ($99).

Recording Vocals At Home - You'll want a large-diaphragm condenser microphone with phantom power; if not, you might want to consider a large-diaphragm dynamic microphone like the Shure SM7B ($350). If your cash stash is low like mine then you won't get any better than a Shure SM58 for the price or the overall quality.

Recording Acoustic Guitar - You'll want a good small-diaphragm condenser microphone when recording guitar. A good choice is the Oktava MC012 ($99), Marshall MXL 603S ($99),

Recording drums- When recording drums in your home studio you cant go wrong by using these top home studio mics. The first one is the Shure SM57 great mic for recording toms as well as snares.

Another quality and proven microphone for recording drums is the Heil-PR40 this mic works magic when recording a kick drum.