Heres another way that I do it, Since I have only 2 tracks to work with on my Tascam this is how I manage it,
I mic the drums (kick and overhead)
have the guitarist play along with the drums while running headphones out of the guitarist's amp and splitting the signal to
the drummer headphones and the guitarist's
after that we jsut go back and record the guitars, bass, and vocals
definitly not the best way to do it but with only two track on
my DP-01 and the small amount of equipment I own this is what I came up with
Another way one of my friends use to do it is use the upstairs of his house where there is a hallway and three rooms, we put a guitar amp in one room, vocal in another, drums in the last. The bass went direct and the guitarist and bassist stood in the hallway and we shut all the doors
we fed all the instuments to a headphone amp so everyone could hear eachother and just layed down the tracks and overdubbed whatever we needed to, redoing all of the vocals
Just thought i'd give my less than ideal set up