expn9........... if you want to record your band playing live, and I assume in stereo, you'll need at least two mics. Lots of options here. Shure SM57/58, about US$100.00 each (sorry, don't know the currency conversion); condenser mic, about $150.00 each minimum, lots of choices available. A condenser has greater frequency response and will more accurately capture the sound of accoustic instruments, but a condenser also requires phantom power, hence either mic pre-amps or a mixer w/phantom power (Mackie, about $375.00, Behringer, $150.00, several other choices as well).
To record 2 tracks at the same time, you need a soundcard with at least 2 inputs (Delta?
Echo Mia or Darla, at least $200.00), and for recording a band ( what kind of band? How many players?) you'll quickly find a need for 4 or 8 inputs. What sounds good when you're playing may sound different when it's recorded, and the more you can isolate each sound ( direct line from the vocal PA to the soundcard , for example) the more you can adjust the relative volume of each instrument during mixing.
You'll need multi-track recording software, but there are some free dowloads, or there are basic programs (Cakewalk, Cool Edit 2000) for under $100.00. Most software can be upgraded if you think you need more tracks and/or features. Hope this helps.