Song Recorder Machine using Karaoke Track

Hey Experts,

Is it possible for someone to develop a portable machine(hardware) using which we can record voice(song) over a karaoke music track(playing from a pen drive, computer or external drive via a USB interface), save the file as m4A or mp3 & playback the recording?
The machine should have mic input for voice to (mix, amplify) the voice(for authentic high fidelity reproduction) with the pre-mixed track music automatically.
It should have a monitor(6"-7") & internet connectivity so tracks from YouTube can be played.
If yes, what will be the cost?