Personally I think it is insanity to do anything but lay down the drums first. How the heck are you going to keep time or expect a good performance out of the guitars, bass or vocals without drums? I just can't see it.
Myself I record a band as a unit playing together and focus on only keeping the drums (and sometimes bass). I record *everything* but the other stuff is just "guide" tracks to measure how good the drum take actually is.
After that I do any drum edits that need to be done, like adjusting timing, sound replacer, whatever it needs and whatever the client wants to pay for. Personally, I prefer getting a single inspired, good take as opposed to editing but the truth is there are a lot of crummy drummers (and bands) out there that can't nail a good take if their life depended on it. So you work with what you got.
Then I'll lay down the bass guitar, focus on getting a good tone happening and getting a tight performance. Then guitars (which usually take awhile). For guitars I'll get all the distorted parts first, move on to clean electric guitar takes (on another track) and
acoustic guitar parts. Then I'll have the leads laid down if there are any. Lastly, we'll put in any inserted guitar noises or effects like pick slides or ambient noodling.
After the song is 100% musically solid I'll do vocals, often starting with backing vocals (at least something rough to 'inspire' the singer). After doing a bunch of vocal takes I start comping them together until we have everything how we want it. Then we'll go back and fix any background vocals that need fixing, if necessary.
That's my way. It is a slower process than I would like, but the results are generally good.