Hmm. 50 dollars an hour is extremely expensive for a small studio. Usualy to record and mix down one song it takes around 8-10 hours for that good quality.

You could just get what Opt. has posted, get a few mics (really learn about microphone placement, it's a huge factor in terms of quality). But that will defenatly cost a lot more than 1000 dollars, and probably not as good as you'd get with a studio.