Yes. If you only want one thing per track, use direct.
For more stuff, you could record the drum machine, bass, and rhythm guitar direct on tracks 1,2, and 3. Then pan them all hard right, pan track four hard right, put T4 on Bus, and hit record.
This would put all your rhythm tracks on track four. THen you could record a lead on track 1, a vocal on track 2, and a background vocal on track 3.
That's Bouncing. (and overdubbing...)
[This message has been edited by PannyDeters (edited 02-20-2000).]