I'm in a band, as you may have guessed, that does:

Singing, over
Saxophone, over
Metal/Distorted guitar, over
Ska guitar (meeee), over
Bass, over
Drums.

I can assure you that our guitarist that does the metal riffs hasn't paid over $1000 for his entire set-up. He uses a bunch of effect pedals, with a Marshall amp, to get the right sound. He also plays with a Fender Stratocaster, that did cost him a bit more than our budget that I mentioned, but it's a year old, so it didn't cost me anything.

When we record, we pretty much use his effects as well. Sometimes, we'll just use a direct line to the PC and record, then edit in Audacity to get the metal tone.

Just some suggestions.