You totally can (and you will) reach nice quality levels, I'm sure! :) I used my old iPad which I got pretty cheap, but could've used cheap microphones and even my Android phone here with some nice results (it's a LG Volt, or Spirit if you're outside Brazil :P). The important thing is to try things! ;)
I didn't have money to spend on nice equipment, so I kinda tried all cheap stuff I could. I always try to find some app or gadget I can record for cheap, like RecTools for iPad, WavePad for Android (records Wave in 44.1Khz, 16-bit, which is pretty nice!) or WavoSaur/Audacity on Windows.
I want to do some kinda guide for quick, amateur, home recording for gamedevs someday, if I have the opportunity! :P