Yo Jester,
Although the music production process is a very subjective thing, there are a few basic rules to bear in mind.
Reverb
Reverb adds space and depth to a mix, and should generally be used on individual instruments rather than applied to the whole track. Cheap reverb can be spotted a mile off so try to invest in a seperate reverb unit rather than using Cubase's dodgy reverb. Clever use of reverb can add layers of depth to your track. For example, adding a lot of reverb to a beat will send it further back in the mix, whereas keeping it dry will leave it up front and punchy. Vocals tend to sound a bit more musical with subtle reverb, although if you add too much they are liable to get lost behind the rest of your backing.
Compression
Compression can be applied in loads of ways, but is most often used to smooth out dynamics. For example, say your vocals are getting lost in the mix, but when you turn them up they start clipping at certain points - using compression will smooth out those peaks and allow you to turn up the vocals. A good compressor will add analogue warmth to a sound. The Joe Meek VC3 is a good budget mic pre-amp/compressor which retails over here at £130.
Equalisation
There are two main ways to use EQ - corrective EQ and creative EQ. Providing you've recorded your individual tracks well, there shouldn't be a need for much corrective EQ. However, if a track sounds a bit boomy and bassy, cut the frequecies which are over promenant rather than boosting the ones which are less so. This will give you a more natural sound. EQ can be used at the mastering stage of a mix. For example, when you have your completed track, try applying a gentle boost between 6 and 15 khz to give a more detailed and airy sounding mix.
If you record any tracks with an acoustic guitar, try using an enhancer and a bit of compression to give a more controlled and detailed sound.
When recording guitar based music, the trick is to get the guitar sound right. Try to avoid using a DI (Digital Inject) box, or plugging straight into the desk/computer. The only DI box I know of which is any good is
the Line 6 Pod which costs about £250 over here, and uses modelling synthesis to imitate classic amps. You will get a much better sound by mic-ing up the amp. Try using two Shure SM57s on either edge of the speaker cone about half a foot away, and pan both signals left and right. Never point the mic straight at the speaker cone or you will get a boomy sound, and then you'll have to slap on loads of EQ. This is a VERY rough guidline - there are tonnes of mic-ing techniques for any instrument. Just mess about until you have a good sound.
Hope this insane rambling is of some use
Good luck with the band!
WINN
Our band is looking at recording its first digital demo. We've had to make use of a pair of 4trax up until now. We've got Cubase, and we've managed to use it to record some reasonable tracks.