Honestly , I think you have a LONG LONG way to go before you even think about mastering.... And yes it does matter what you use for equipment( Granted Bruce Swieden could use your gear and make it sound better than you but he is a PRO).... First I would recommend reading a few books to broaden your knowledge on the tools nessecary for "MIXING".... If you dont understand where , when, and why your using these tools then your wasting your time... There are no magic settings for any thing and using presets is just plain lazy... It takes time to understand your tools and to train your EARS, But you will be happy you have when your MIXES are making progress... As for your equipment, I would definetley make some upgrades.... Personally I wouldnt recommend either FL or Audacity for tracking and/or mixing vocals... Me...... I use Logic 8 and love it but your choice of a DAW is as stated, Your choice... And sorry bra but a $30 mic just isn't going to cut it... You need to upgrade your whole set up... I would suggest a Mac book Pro or iMac( yes I'm a mac guy), The apogee duet interface, A set of KRK Rokits or Yamaha HS50's, as far as a mic there are many but a great starting point would be the Shure SM7b (great mic).... And most important A decently treated room... And dont be afraid to expirement with your tools, Cranking things way up and down to see exactly what your plugs are doing... Remember there are NO RULES IN MAKING MUSIC.... a few books I would recommend are The mixing Engineers handbook and Mastering the science of audio.....
Actually this may be an even better start for you.....
Tweak's Guide to the Home and Project Studio
Good luck
