Kind of depends on what kind of recording studio you want. Instruments are fairly easy to get. A decent mixing desk, well, not so easy, also because they're generally all way out-of-scale with distorted proportions. I've "repaired" one so far and put it in a store, but I'd like to get another one done before I'd recommend the shop here.
If you're looking for a modern, computer-based recording setup, a good start may be to take Oni Kenkon's DJ stations and pick them apart for speakers, rack units etc. You can find both in Oni's store at Wright Plaza. But be careful with the many prims that make up the screens. I've gotten my screens somewhere else; I have to check from where.
If you're looking for a classic, analogue recording setup, you're out of luck. I've yet to see a studio-grade multi-track tape machine anywhere. And a stereo tape machine (I have a Revox PR99, and I've seen a B77 or A77 somewhere) won't be useful except for weird effects, tape loops or mastering.
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