I will need to pay more than £40 for a microphone
That’s a popular New User Lament: “If only I could get a much better microphone, all my problems would be over.”
Probably not. Unless you have a Specialty Recording Problem such as Drums, Landing Aircraft, Windy Beach, or a Multi-Party Roundtable, what you have, unless it’s broken, is probably serviceable. I generally use this illustration of what you can do for soundproofing using furniture moving blankets, but in this case, regard the microphone.


That’s an SM58 rock band microphone playing into a simple sound mixer and into a Mac.

That’s it. I shot multiple voice tracks for an animated production with that.
We have generic tutorials.
http://manual.audacityteam.org/
That’s the on-line documentation. Scroll down until you get to Tutorials.
You really want the semester on entertainment recording. What exactly are you doing in that 25 minutes required to get your 5 minute show ready for publication?
I don’t have a good answer for you. People wonder why we don’t have YouTube video instructions on how to do all this stuff. Some people have actually produced documentary videos on some of the Audacity tools and how to use them. Nobody wants to hear about the five to one editing rule and nobody with a pulse wants to hear about it when we find mistakes and want them to do it over.
Terrific video. Really. And it will be perfectly valid until the new software version comes out next week.
Your question rolls back to why this process usually involves you screwing up and then us fixing it. It’s usually the most efficient that way. There is a rainbow of different things you can do wrong and it’s just not practical to preempt all of them.
ACX does have a couple of videos. They start with how to record right after you install your sound proof booth. That’s where this is taken from.

They know bare floors just kills most people, so they start just after that. That’s how I do it. Soundproof third bedroom. No bare floors.
If you record just right, you can present a chapter, cut off the ends, make fluff corrections, reset the volume (capture volume and ACX volume are different), Export a WAV backup and the MP3 ACX submission and go make tea. There is no list of corrections, filters, effects and other production tricks.
I shudder when people describe doing tonal corrections to each word in their production. Their third audiobook is going to be a lovely thing, but take them right up to retirement.
This American Life has an associated group called Transom. They have some very good works on “how to make radio.” They take it right down to equipment part numbers and how to shoot in various conditions. I think that’s where I got this on-the-run interview picture from.

http://transom.org/
And you can always submit a raw clip and we’ll tell you an opinion of what to do with it. It’s rarely a good idea to submit processed work. We can’t take processing out and we may need to.
Did I post this?
http://www.kozco.com/tech/audacity/TestClip/Record_A_Clip.html
Koz