The real question is what do you wanna do with these recordings? If it's just for listening to practices, that can be done pretty cheaply. But if you want to do decent demos or CD sales in clubs, you'll need about 4 mics for drums, guitar, bass, and vocals, and the ability to record at least four tracks simultaneously.
A couple of Niaint overheads (about 30 bucks each), a used Shure SM57 for snare (about 50 bucks), and a used AT Pro25 for kick (about $75) will get you off and running. You can then use the Shure to record guitars and vocals, and the AT Pro25 to record bass,