I've found that you can get some pretty cool sounding stuff down with a 4 track, depending on what you're shooting for. For the most part, don't expect to record your album on it uless you're Guided By Voices or something. For an interesting rough n' tumble kinda recording, set up 2 room mics and get your band to play. Record a bit, stop, listen back, adjust levels accordingly, try again. It usually works out to a lot of trial and error but in the end you can end up with a good garage rock kinda sound. Once you get the mix how you like it, record the song. I usually just record the instruments first and use the 2 remaining tracks for vocals and overdubs like solos or Vincent Price monologues or whatever. The less bouncing you have to do, the better. When I first got my 4 track, I bounced tracks into oblivion and ended up with tinny, noisy, poorly mixed garbage.
I'm using a Tascam Porta 5 that'll only record on 2 tracks at once. If yours operates like mine, you can run 4 mics in and record on tracks 3 & 4. All inputs will end up as a streo mix on 3 & 4.
I've got 16 tracks of Adat to work with but sometimes it's fun to work within the limitations of the 4 track. It works well if you want to kick out the jams and lay down some rock, or RAWK. If you're expecting to sound like the yer fave Pearl Jam record forget it. If you want to lay down some low fi goodness, go crazy. Check out Ween's first albums, Thee Headcoats or most of the bands on the Estrus label.
Eventually you'll probably make the jump to more trax but while you've got 4, have fun, experiment and try not to make things too complicated. There'll be time for that later...
Sludgehammer