How Would I Go About Making My Own Screen Printed T Shirt?

If you are looking to do something cheap, you can pick up any T-Shirt transfers at WalMart (light or dark) and use your own ink jet printer to print out your design. Then Iron it on with a regular hosehold iron. The directions are on the T-Shirt Transfer packets. (that's if you just want to do it the easy way)

Can I Use Regular Ink(Such As India Ink) For Screen Printing T-Shirts?
Will It Bleed At All?

It will bleed a lot. Just touching a drop of the ink you were thinking of using a T-shirt or scrap from one - it will spread dramatically. Silk screen ink is thick and is rubbed into position through the screen and has very little solvent in it.