"Just wondering if someone could give me a quick breakdown on the set up they have. I'm interested in making some tracks but only have some rudimentary gear, a copy of Sony Acid with some pack in synths, Fruity Loops and a midi controller I have little idea how to use. Used to have a copy of Reason but it seems to have disappeared from my HDD. I've made some tracks but want to get more of a professional sound and was wondering how much it'd cost all up, including headphones, monitors, synth software etc."
FL Studio will get you far on its own. Professional sounding songs are mostly about being tasteful and getting everything to sit right, more (and more expensive synths) won't really help that, especially since there are a few really solid free synths out there. Outside of maybe a decent soundcard (like a 1-200$ sound card) and some Audiotechnica M50s, you should spend money on books or classes on audio engineering learning how to use equalization, compression, etc. etc. Or just look at that bajillion videos on youtube going over it.
To answer your question, I use
Renoise, Maschine, Korg Nanopad 2, Massive, a Focusrite 2i2 sound card, and Beyerdynamic DT880s.