there are several ways to do this.

You record all in the same room. Miking's a nightmare, leaking is even worse, no editing can be done without an engineer or two trying to kill themselves. Works with bands like Aerosmith. The energy is without peer. Much like recording a concert.

Another way is to record the first track with a click track all of you guys together, then each one records with this track in his headphones, one after another, in this order: Drum/Bass/guitar/vocals. So the singer only has the real tracks in his headphones, not the first one you have recorded together. Works like this with most bands. BB king does it but with midi files. He sends them around, then he gets back every guys' parts, then the engineer mixes then together...Voila, you have a disc... That's also 'the hellecasters' way, except they send written out charts, and also cues to where they have to solo over.

Joe Satriani used to do like Benoit. Guitars first, then the drums. But you have to be real tight on the rhythm.

Choose your way :)