OK, here's the scoop on steaks! First, go find Alton Browns episode on steak (I think it was actually the first episode of Good Eats). Watch it four or five times.
Here's my advice, though. First, I like top sirloin. Good texture, usually good marbling without being to fatty, and not too expensive. I recommend getting cuts that are 3/4 of an inch thick. Once you buy them, wrap them up very tight in butcher paper, if you didn't get them that way from the store, and let them sit in the fridge for 2 days. This lets them dry a little which enhances the flavor.
Ok, now go get a cheap cast iron skillet. Should run you about $15-20 most anywhere. If it's not pre-seasoned, season according to the directions. If possible, get your grandma's old skillet.
Turn your oven onto about 450degrees, and throw the skillet in while you prep the meat. Take a teaspoon of PEANUT OIL (ONLY PEANUT, nothing else has a high enough smoke point!) and rub it over the meat on both sides; this fill sin all the 'gaps' in the meat and helps it cook evenly. Now, sprinkle both sides with coarse kosher salt and fresh ground pepper.
Once you've done that you oven should be preheated, and you can let the meat sit for a couple minutes while you (carefully) take the skillet out and put it onto a burner set for medium-high. Wait a couple minutes while the meat rests and the pan and burner even out in temperature.
When ready, throw the meat on to the skillet and wait 1 minute exactly. Flip the meat over and wait another minute. After that minute, turn off the burner and put the skillet back in the oven for one more minute.
Flip the meat over again, and put back in the oven for 2 minutes. At this point you should have medium done steak (depending on the thickness of your cuts, you may need to adjust the timing). While I prefer and recommend that you eat steak medium-rare, I cook it to medium at home to be on the safe side. If you want medium-well, flip the meat one last time and cook for 1 minute. If you want well done, have a hamburger.
Ok, you're meats cooked! Don't eat it yet! Take your plate and put a small pile of French's Fried Onion on it. Drop the steak right on those. Cover in aluminum foil and wait 2 minutes for the meat to rest. This whole step is important. The meat needs to rest or it will just dump all it's moisture out when you cut it. But, it needs to rest in a way that it's not sitting in a puddle of fluid, which is where the onions come in. They also taste great covered in steak drippings.
I recommend that you sautee some onions and mushrooms while you are waiting. Throw them in the skillet with a little garlic and a splash of white wine, being sure you scrape up all the steak bits left on the pan. I also recommend Texas Roadhouse Steaksauce. Puts A1 to shame.
So there you have the best steak recipe in the world. Try it, I swear it's the best.