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I really couldn't do it for 20k, just impossible. No kidding.
If I *had* to I suppose I'd get a computer DAW setup consisting of a Mac and some MOTU hardware, DP or Logic, a couple channels of great converters for AD and DA (those would be Benchmark--I'm serious), along with some plugins. Because I write music, I'd get a Gigastudio or maybe the upcoming MOTU MachFive, and a few hardware synths. A budget analog desk for monitoring, some speakers, and a good quality hardware reverb unit would round it out. Should be possible to fit that into 20k.
My list is obviously a bit different from most here, as I'm not running a recording studio, but a writing studio. So things like nice mics, preamps, etc, would be further down the list. Of course, I own all that stuff now, but for 20k I don't see how I could and still have the tools that are essential for my work.
As heartsoffire said, 20 thousand doesn't buy much. :-(
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