Hey, I was in a similar boat about a year ago. Do what slackmaster says... alot of it is experience. Just be sure to do alot of research.... specifically you can research here about micing techniques for your cabinets, how to get better sounds from vocals, what equipment..... mixing, mastering....
A few things I learned:
1. I have found a POD invaluable. I know that may not be the most popular idea but I love the damn thing.
2. Get a pre amp, and a compressor for vocals. A little use of these and my vocal takes really improve.
3. Know your equipment. It takes time.
4. I've been recording with software lately and find it easier and more powerfull than using my simple 8track. Probably would have been cheaper to start that way, although recording a full band is easier with the 8track.
5. If you don't already know, recording order is generally drums, bass, guitar, vocals. Sometimes you do more than one at the same time.
6. Use "scratch tracks". Basically, once you get the drums down pat, lay a reasonable bassline, guitarparts, and vocals over it. Then work on getting the bass right..... then work on the guitar.... then vocals. This way if anyone is cueing off the other performers they will still have their cues.
7. Don't expect the first recordings to sound very good! It takes time to know what you need.