Fruity Loops 8 and Home Recording Equipment?

Hi
I want to be able to record both guitar and vocals (sometimes together, some separately) using fruity loops.
My spec is Windows XP Home
Realtek AC97 Audio
ASIO4ALL
Toshiba A60 laptop
I have whittled it down (being a beginner in this field) to the following requirements: –
UBS MIC (Any suggestions?…, SM58 or condenser, [...]