The cheapest way to get a decent recording is with a four track. We used to record every practice with one. One mic behind and above the drummer pointing down towards the drums, one mic on each guitar (2 for us) and one mic on the bass. That way we could adjust levels of each instrument afterwards. If you or someone you know has a digital camcorder, they actually get a decent audio recording. It's almost like they have a built in compressor (I know they don't) and somehow even out the volumes.