The delta blazingstrings was talking about lets you record 4 different sources onto different tracks. There is also the 1010LT, which has 8 inputs. The only problem is that you still need a pre amp in front of these inputs. This is where a DMP3 comes in. One of those has 2 inputs, so if you want to use all 8 inputs on the Delta, then you'd need 4 DMP3s, each running about $150. So in total, you'd need $600 for pre amps, and $200 for a soundcard. And this is for some of the cheapest stuff you can get. Now do you see why so many people record one track at a time? You can simplify things by mixing all the drum mics down to a stereo track, use one mic for guitar, and DI the bass. This requires a mixer (which has pre amps in it, btw) for the drums, a pre amp for the guitar(s), and a DI box for bass. Again, not a cheap set-up, but less expensive than everything going to its own track: $150 for a Delta 44, $100 for a mixer (Yamaha 10/2 because its pre amps are good), $150 for the DMP3, and up to $200 for a DI box for the bass (Sansamp). Now, enter the M-box (and its clones). This unit combines a preamp with a soundcard. All you have to do is plug in a mic. The limitations are in the number of inputs. You also have to add in the price of cables and stands.
Now, if you don't want to go the route of computer recording, you can do a SIAB (Studio In A Box). These are standalone recorders that contain everything you need, minus the mics (and instruments of course). The one thing you want to look for when choosing one is the number of simultaneous tracks it can record. Unfortunately, the units that can record a large enough number of tracks are pretty expensive (around $1000).
To sum everything up: If you can't expand your budget, then you have 2 options:
1) Record live onto a stereo track.
2) Record each instrument by itself.
BTW, I don't mean to discourage you in any way. It's just the harsh facts of reality.
