Equipment For Making Video Game Videos

Capture Card- Hauppauge HDPVR / Black Magic Intensity Pro (If you are using component cables get the HDPVR, if you are using HDMI use the Intensity Pro.)

Recording Software- Whatever comes with the cards should be fine.

Editing Software- Sony Vegas is probably the best for that sort of thing. I use it for my videos. (PC, not console.)

Microphone- Get a Blue Snowball. It has excellent quality and is fairly cheap compared to other professional microphones.

Here is my all encompassing guide to making video game commentary:
1) Microphones
~If you have the money and want the highest quality mic for this type of setup, Audio Technica AT2020 is the way to go.
~If you are more budgeted, get the Blue Snowball.
2) Capture Device
~If your laptop has thunderbolt or USB 3.0, the Black Magic Intensity Shuttle will give you the best quality.
~If your laptop only has USB 2.0, get the Elgato Game Capture HD. It has pretty much the best quality and features of any of the USB 2.0 interface cards.
~If you have a desktop that can handle it, the Black Magic Intensity Pro is the cheaper alternative to the Black Magic Intensity Shuttle. It provides the same quality, but since it is an internal PC card, it costs less.
3) Recording Software
~For the capture device, use whatever the device comes with.
~For the mic, use Audacity. It is a free audio recording software and you can do pretty cool things with it.
4) Editing Software
~Sony Vegas is pretty much the standard. It can do some color correction, sharpening, and rendering. Like I said, its just the standard.
~Adobe Premiere Pro is also regularly used. It has a plethora of video effects you can add to the video. Paired with Adobe After Effects, you can make some pretty amazing looking videos.

That’s pretty much all there is to know. For audio, Audio Technica AT2020 or Blue Snowball. For capture cards, Elgato, Intensity Shuttle, or Intensity Pro. Get Audacity for audio and Adobe Premiere or Sony Vegas for editing.

Thanks for the replies guys, here is what I decided on:

Capture Card- Black Magic Intensity Pro

Recording Software- Whatever comes with Intensity Pro

Editing Software- Adobe Premiere

Microphone- Blue Snowball