I have had many different rigs since I began taping but I have finally settled on one that I love and one that works for me. My mics are AKG C1000's. They are cardiod mics that come with adapters to make them Hyper-Cards. They retail for around $200 a piece but you can get them for $350 a pair on Ebay or other online retailers. They run on Phantom Power or they can be run on a 9 volt battery. The sound quality that I get from these is comparable to the sound that I have heard from mics twice as expensive. I use Monster brand cables to connect the mics to the Pre-amp.
For a preamp I use a Warm+ Mod Edirol UA5. My UA5 was custom modified by Oade Brothers Audio. This preamp is no longer made, but they are always available at the Yard Sale forum at Tapers Section. The preamp is powered by rechargable batteries and provides amazing sound quality at an affordable price. These sold new from between $500-700 depending on the modifications that were done to the box. You can usually find them for $350-450 used.
I have several recorders that I use depending on the venue but the one that I would recommend the most is the Creative Nomad Jukebox 3. This was one of the first MP3 players before the IPOD. What makes this special is that it has a Line-In that allows for Mics and Preamps to be hooked up to it. It allows you to record in WAV format so there is no need to convert the show once it is recorded. Just plug the JB3 in and edit the show into tracks. It has a clear backlit display that comes in handy in dark rooms. It also has built in level meters so you can always tell if the recording is going to come out ok. These can usually be found for $100-200 depending on the condition the unit is in. These are no longer made and no longer supported by Creative so you have to be careful not to break them or you might be out of luck.
After you record a show you have to cut the resulting file into individual tracks. I use Cool Edit Pro 2.1. It is an easy to use program. Sony bought the rights to the software and turned it into Adobe Audition. It is pretty much the same program. This software can be very expensive. There are other free alternatives such as Audacity that will do the job just as well, without all the bells and whistles.