Me, my brother and my friend decided to record us playing I Believe in a Thing Called Love by The Darkness. This was the first time I ever tried to multitrack and everything was recorded with 1 SM57. First the drums were recorded with the SM57 held above and in front the drum set and then the 2 guitars were recorded later.

Also, the second solo is out of key but other than that, I think it sounds pretty good!

Oh, and there were no effects whatsoever on any of the instruments except I tried some random EQ settings on the drum track - I don't think it made that big of a difference though :P

The gear we used was:
A Yamaha Pacifica playing through a Peavey Supreme 100 head and Behringer Super Cab
A Cort Guitar Playing through a Peavey Bandit 112 Combo w/ A Boss MetalZone Distortion Pedal
a Standard CB Drums Drum set:I'm not sure on the sizes :P but I'm pretty sure that they are
14x5 snare
12x9 Rack Tom
13X9 Rack Tom (Not Used)
16x16 Floor Tom
22x16 Bass Drums
The hi hats and 1 of the crashes are the stock CB Cymbals
The other crash is a Sabian AA 16" Medium Crash
the Ride is a Zildjian Pitch Black 22" Ride
Also, at 2:22, its just drums (in case you only wanted to listen to the drums )

Let me know what you guys think!

Here's The Link: http://soundcloud.com/ramans/i-believe-in-a-thing-called-1
An entire drum kit mic'd with an SM57 sounds exactly what I'd expect - bloody thin and horrible.

To be honest, you could do a LOT more with one good condenser mic. The SM57 is pretty limited.
SM57's are great for recording just a few things and those things are Snare Drums and Guitar Amps. It's impossible to get a good full drum recording from just one mic though. Just for fun though and as a kind of experiment it's an acceptable recording (except the bass drum is hilarious :P)
Not to be too critical since this is your first experience with multi-tracking and all, but you should really go back and re-do those solos. And dial up your mids a bit too Other than that, not too bad! Oh, and I agree with those other guys - SM57s really aren't meant for recording an entire kit.