As Bugsy says.....Depends where you are.
I produced a sampler CD with 26 different artists on it a couple of years back.
We did the whole album in the studio,BUT everything was VERY WELL REHEARSED.
I certainly wouldn't recommend hiring a studio for just experimenting.
Best advice I can give is to get hold of a MINI Disc,with record function,and of course a GOOD mic.Then you can experiment to your hearts content,and if you get any good recordings it's possible to ``doctor´´them afterwards.
Got plenty of other tips,but this'll do for starters.
Greetings John.