In terms of gear, you probably have just barely enough to get by, and I'm sure a decent record could theoretically be made with what you have.
What I would recommend would be to change / evolve how you view your project.
Rather than thinking of it as recording "your album," think of it more as a learning experience. Like a class project. If this is your first real stab at this kind of thing, then adjust your expectations. Your first few "albums" will probably sound like crap. Think about it like this ... the first cake you ever baked probably wasn't very tasty, and your first time in the sack, you probably didn't make your girl scream with delight. Expecting your first experiments to actually sound "good" would be a bit optimistic. Judge the quality of your product not on how it sounds, but rather on how much you've learned and improved since the start of the project.
The amount of time it takes to learn to be a good recording engineer is right about in line with how long and how much effort it takes to become a good guitar or piano player. And some people I know have been playing for 5-10 years or more, constantly practicing, before they truly became masters of their instrument. It's no different with recording. The deceptive part is that it seems like it would be so much easier than it actually is.
Just have fun with it, and learn some things. Experiment. Throw everything at the wall, and see what sticks.
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