The bits I've quoted above are important.
They reveal the extent of your recording knowledge . . . which seems to be very scant. This is not a criticism, because everyone has to start somewhere, but it is going to cause you some difficulty.
I realize that I am a long way away from where I would like to be with this, but thats why I am here. To learn! 
I dont expect to create something overnight, so I am prepared for the long haul. I am just starting to gather more information.
I imagine you would like to record your band, maybe just as a record of what you do, but maybe to sell at gigs and elsewhere, and maybe generate a little more revenue, right?
Which means you need to deliver a credible, reasonable quality product. Making the leap from extreme newbie-ness to competent CD engineer is some significant leap.
Not only do you have to master the technology involved, you need the technology itself. How badly do you want this CD? I expect that it would be cheaper for you to find a studio and pay someone else to record you, rather than doing it yourself.
We will most likely pay from studio time and an engineer to create our first CD. I just wanted to start researching that way in the future, I can possibly create some live recordings just to update our website with new material.
There are ways of making a recording quite cheaply. Given what you have already, you could get away with buying a basic stereo USB interface. I imagine that someone in the band has a reasonable computer. Download one of the free software applications available on the net.
You then:
1 Set up the two mikes you have in a room large enough to hold the band.
2 Group the band around the two mikes.
3 Plug the mikes into the interface, and the interface into the computer.
4 Call up the audio software and prepare a stereo track for recording
5 Hit record and tell the band to play.
This way you get a live stereo recording. It's not highly sophisticated, but it's the simplest way that I can think off.
However, what I would like to hear from a Mexican band is the subtlety and different nuances of the different instruments, and it would have to be a very good stereo recording to satisfy me.
This is exactly what I was looking for. Even if we use it for the immediate future just to review our material during practice. I don't think however we can get away with using just two mics. We will probably need about 8 just to cover all of our instruments. Otherwise we will not be able to hear some of them I think. We have a singer, a tuba player, tarolas (drums), tambora (bass drum), three trombones, three trumpets, 2 clarinets, and a set of congas.
Another possibility is to get together with your sound guy, get him to set you up as if you were doing a gig, then find some means to take a recording directly off the desk. Maybe you can buy or hire a stand-alone recorder that will do this.
I am actually looking to do this in the next couple of weeks. I have a guy coming to do just that. He is going to hook in to our system and record directly from the speakers??? He said some people record from the mics, and others record from the speakers. I personally don't like the recordings from the mics because they catch every little thing, but I have heard recordings from the speakers and they sound better to me. Does this make any sense?
Anyway, what this guy is coming to do is what I would like to understand better. I will find out what equipment he is going to use and report back to you guys and see what other alternatives we have. I am here now to start learning.
I expect that others will make suggestions . . . and they will probably come up with better ideas.
