First of all, money is always an issue but so is quality recording.
We have drums, bass, 2 guitars, a lead singer and 2-3 backup vocals. We play mainly in drop C (CGCFAD) and tuned down a step (DGCFAD) hard rock. Think Tool/Korn/System of a Down.
We plan on building some home-made isolation booths (nothing professional - drummer has access to lots of extra construction materials that people are going to throw away) to record the various pieces and parts.
We have live sound equipment and some recording equipment. I want some of you recording folks to recommend some recorders/software/computer audio interface/microphones/monitors/processors/whatever-the-hell-else-you-need so we can...wait for it...wait for it...wait for it...RECORD THE BEST POSSIBLE DEMO FOR THE LEAST AMOUNT OF MONEY!!!! Big surprise! Isn't that what everyone wants? Thanks guys.