Visual Studio Express (VSE) is a freeware version of Microsoft's Visual Studio development environment toolset.
Yeah, so?

Really, why are you telling the OP this? He does not even say if he is using digital equipment- for all we know, he's using a Cassette PortaStudio.
OP, it is perfectly possible to have the console and the band in the same room. When we recorded bands last summer for the Rock n Roll summer camps, limitations of the facilities at the colleges we were at was such that we had to do that- and it worked out just fine. Here are some of the things we did to deal with it:
Csus is right- not gonna repeat what he said, only say that we did that, too.
Use more dynamics with narrow pickup patterns, to minimize bleed.
Go direct with bass and keys.
Put bass and drums fairly close to each other, and accept the bleed from one to the other as just the way it is.
If you have 2 or more guitars, put the amps/cabs right next to each other, but as far away as reasonable from bass and drums. Accept the bleed from one guitar amp to the other as just the way it is.
Track the whole band at once, EXCEPT vocals. Have your vocalist almost whisper during instrument tracking, just to help everyone know where the song "is."
KICK EVERYBODY OUT OF THE STUDIO, except the vocalist(s), yourself and your mic tech (if you have one.) Then, track vocals separate, with headphones and a condenser mic.
These recommendations are based on having a dedicated engineer- frankly, I think it is well worth it to go that way, rather than someone trying to play both musician AND engineer, if you possibly can. Reading between the lines of your post, it seems to me that you are not in a crunch to record, and probably know someone who will serve as engineer for you. Keep practicing while you find him/her. And, really, a seasoned engineer may well be worth his salt, as he/she will know how to keep you moving forward- a BIG mistake studio noobs often make is "composing in the studio-" even if the pay clock is not running, that sort of thing can bring a session to a grinding halt. A seasoned pro will not allow that to happen- or at least, remind you that you are paying him by the hour...