First of all: fraserhutch, fuck you. you are such a fucking asshole. every time i see a post by you, it's you being a dick to all of us unfortunate "home studio" people who don't have the wisdom, wealth, or wonder-womanism of your royal highness, FRASERHUTCH. boy i wish i was as smart and experienced as you. then this whole recording gig would be like second nature. clinical and soulless as steely dan, except with the talent of ryan seacrest. you fucking prick. the one reassurance that newbies have is that by entering the "newbie" section, they won't be ridiculed for lacking the aforementioned wisdom, wealth and wonder-womanism of a humble professional such as yourself. fuck off, man. i really thought that maybe you were ok and i was overreacting a few weeks ago, but no--you really are a fucking cock.
in response to the original question: DO NOT GET A CHEAP MULTI-PREAMP!!!
Instead, get yourself a cheap, decent mixer by Peavey or Behringer that will allow you to sub-mix your drums into 2 stereo channels. This will not only provide you with multiple preamps, but also allow you to add/trim EQ as well as effects on each mic. Run between 3 and 8 mics into your mixer. Play around with the mix until get what you're looking for--record several different takes, and when the drums sound the way you think they should by themselves, start recording your overdubs of guitar, bass, etc, and mix everything. Remember that this can take weeks of frustration, but you WILL find the best sound, abandon it in search of something better, and then come back to improve what was the original "best sound." Also remember that you can always bring everything into the same "room" with post-recording compression, eq, and/or effects. If the drum submix is thin-sounding, then chances are, you need to adjust your mics to avoid phase cancellation. I've never had such problems, but i'm sure fraserhutch the supergenius could write volumes on the subject. Bottom line is, if 8 mics sound like shit, you're doing something wrong. First priority must be well-tuned drums, and a drummer that knows how to play (and tune) them.
i personally recommend an sm57 on snare and an economic CAD drum mic kit for toms/kick/overheads based on my own personal experience:
http://www.musiciansfriend.com/product/CAD-Premium-7Piece-Drum-Mic-Pack?sku=271264
So sure, when you're a multi-millionaire who can build a top-notch facility that would independently compete with billion-dollar studios in NY and LA, you'll want to upgrade. But if you want to maximize your home studio experience (which is what i thought this website was all about), take my advice into consideration. After all, i'm just a basement dude like you, but 12 years of experience have taught me an awful lot. Guys like Fraserhutch (who is an elitist through and through) would have you believe that if you don't have at LEAST $60K to dump into your first recording foray, then you simply don't deserve to be putting music onto tape in the first place. Fuck him, and make music. Cheers!