Hey guys,
I'm going to quit my band next week, but I want to do it with class so to speak. I don't want to be disrespectful and I want my leaving to be peaceful. Is there any way to quit the band in a respectful manner?
Just be straight with them and tell them you need to apply your time and energy elsewhere right now. School, job, wife, whatever is higher priority and needs tending. "Like you guys and perhaps in the future we can do something again."

Pay for any outstanding rental fees or other band expenses so you leave with a clean account and clear out your gear. If there are gigs pending, help them find a capable sub til they fill your spot. Avoid drama. If someone starts drama, ignore it. Never burn bridges with other musicians, ever.
"Your sound is in your hands as much as anything. It's the way you pick, and the way you hold the guitar, more than it is the amp or the guitar you use." -- Stevie Ray Vaughan

"Anybody can play. The note is only 20 percent. The attitude of the motherfucker who plays it is 80 percent." -- Miles Davis

Guthrie on tone: https://www.youtube.com/watch?v=zmohdG9lLqY
light your drummer on fire mid-gig
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Hail isn't too edgy for posts, posts are not edgy enough for Hail.

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You win. I'm done here.
Be honest, be sincere and be positive.
Give two weeks notice, or a set date if you have gigs booked.
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light your drummer on fire mid-gig

There's no such thing; there never was. Where I am going you cannot follow me now.
I would let everyone in the band know, and if there's gigs or recording plans that are already in place, I think it's best to meet those commitments. It's going to put the band in limbo until they find a replacement, and get that person up to speed. You might meet with some resentment no matter how you do it, at least until they get going again.
You could marry Yoko Ono (seemed to work for Lennon). Take lots of LSD and become a liability to the band, and hope they know a guitar genius like David Gilmour (seemed to work for Barrett). Please don't do this, but dying is a very popular way to leave a band (seemed to work for Cobain, Hendrix, etc, etc). Seriously though do what you need to make it amicable. You just never know what the future holds.
Good advice above. Give them some notice and stick to whatever commitment you agree to. Try your hardest to not get tangled up in some arguments and blame (it will definitely happen). I have been playing in bands for more than 40 years and I've been through this a number of times on both sides. Although you can't imagine it now it's amazing how a number of years down the road you might find yourself working with one or two members of your current band that you swore you'd never play with again. If you leave on good terms you'll be happy, they'll be happy and who knows what will happen down the road.

If that doesn't work out Whirlpool may have a good solution also. Yoko is still available and I wouldn't reject the idea of setting the drummer on fire.
Yes I am guitarded also, nice to meet you.