No money to record? Haha....I am the king of recording with no money to record. Or at least with not a lot of money, anyway. Of course with technology the way it is today, you don't have to spend a ton of money to record.
The rig I've been using for the past year or so....(prices are approximations based on my tired little memory) a $50 behringer mixer, $70 MXL condensor mic, an older (but still pretty damn good) soundblaster audigy sound card, and $30 Cakewalk software. Oh yea, and a few times a a $20 dynamic mic.
To make an even greater point, if you listen to my original "album", the self-titled "Damage/Damage-Control," I used the audigy card and the Cakewalk software, but the only other thing I used was one of those little condensor mics that they bundle with most computers in existance. Mostly supposed to be used for voice really. Although it could kind of be a little pain in the posterior to deal with, I was actually surprised how well it could pick stuff up, a very "live"-sounding mic actually.
Of course the drawback to doing stuff with cheap or cheaper equipment (and on one's own) is that there's a greater chance you're not going to sound all nice, polished and squeaky-clean like if you were to record in a studio with all the right producers. Of course probably part of the problem in my case is I'm still kind of learning how to use the equipment I've got. However, good thing I have no shame when it comes to production....haha. I do what I can with what I've got.
As for copywriting, it is my understanding that you have a legal "copyright" the second you make something original. The paperwork is kind of an extra step.
And now, for your listening pleasure, the shameless plug (dum-dum-dum): www.myspace.com/andrewbrewer1