Well you need
- a couple of mikes (eg Shure SM57 and SM58, each $50 used)
2 left/right overhead for the drums
1 bass drum
1 snare drum
1 for the guitar amp
1 for vocals.
- a mixing desk with at least 10+ inputs (eg Behringer MX1604A, used $130)
- a 2 channel compressor (for bass and snare as well as for vocals. Very improtant! (dbx or Behringer, used $70)
- a multi FX device (eg Alesis NanoVerb, used $50)
- a 4-track recorder (eg Tascam Porta Two, used $50)
+ cabels (~ $50-$100)
You can either record the whole thing live, or even better, record the basic/backing tracks (ie Drums, Bass, Rythm Guitar, Keys) on the first two tracks, overdub (ie Solo guitar, solo keys) on the third, and vocals on the fourth track.
Using "ping-pong", ie mixing down the 4 tracks on a HDD, and then back to 2 tracks on the recorder, you'll have another 2 tracks for overdubs, but also a slightly reduced sound quality. We've done this alot, though- back in the eighties, multitrack recorders were quite expensive
. Anyway, if you choose this method, I recommend to use one single track for the bass guitar.
Me, I'll sit and write this love song as I all too seldom do
build a little fire this midnight. It's good to be back home with you.