I have two different dynamic mics that I use when I'm not recording in my semi-treated 'studio'.

One is an ElectroVoice PL80a http://www.electrovoice.com/product.php?id=769
$80 at musician's friend: http://www.musiciansfriend.com/pro-audio...ktid=37-3871607

I won this mic in a drawing from a local music store. It's a great alternative to an SM58, sounds about the same, a little more gain in my opinion. I actually use it to mic my acoustic guitar with great success.

The second dynamic mic I got at Target in Minneapolis, on the clearance shelf. It's actually both a dynamic mic and 16 bit USB mic. Has an XLR connection as well as USB. I've really only used it as a mic. Q2U is the model, and it came with a decent set of circumaural headphones as well. $39 on clearance at Target. It's also a great alternative to an SM58, but slightly bulkier.

http://www.samsontech.com/samson/products/microphones/usb-microphones/q2u/

Here's a link to a forum post I did at the Larrivee guitars forum showcasing a stereo micing I did with these two mics, then using the two recordings I made, to simulate a double track situation. Living room recording, no room treatment, no effects, no eq, nothing.

http://www.larriveeforum.com/smf/index.php?topic=39074.msg353852#msg353852

The real key here is that the recording interface has really clean pre-amps with plenty of gain. Some of the old salts on here used to say something along these lines and I can speak from personal experience that it is true:

"You can make a crummy mic sound decent with a nice preamp, and you can also make an expensive mic sound crummy with a crummy preamp."

-Scott

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