Here's my current setup A lot of times I just sit down and mess around. I'll fashion a chord progression, work on sound synthesis, shape up some custom drum samples, whatever. It's very rare that I'll sit down with the intention of moving in a direction, and it's even more rare that I don't walk away from that mentality frustrated with a lack of results. If you make your only intention having fun, that's when you'll lay the most golden eggs. Here's a result, one of my best so far (I think). I started with a mic, an acoustic guitar, and garage band ~3 years ago. Watch your wallet, these toys can get expensive... Oh, and playing with a metronome sucks, but I bite the bullet, I hate being off tempo and then trying to clean it up later. P.S. let me know if you need help deciphering that crappy flow chart.
Thanks! Just try every approach, and find what works for you.