I'm trying to start a band. I found one dude that can play bass, and another that is willing to switch on/off with solo and rhythm guitar. I can find a drummer too. But, before this goes down, how do I go about recording my guitar and the bass into the computer? And the drums? What program should I use? What wires do I need? To whoever helps me, thanks! Plus, the microphone. Whats a good one to get?
The times they are a changin'.....
don't record bass through a mic, get a preamp and put it directly into the mixer/recorder/direct box

guitar>effects>amp>mic>mixer/direct box>computer


vocals>mic>effects>preamp>mixer/direct box>computer

drums I'm not really sure what's best, but there's like two ways to do it, either mic each drum individually, or mic the kit overall with like two mics.
Btw I second the mic choice. Definately the Shure SM58, I have it and it rocks. Don't budget on your mics, they are the most important part probably by far.
sound advice..

with drums, you need around 11 mics to mic a kit properly. At the very least for a half decent recording you will need one for the kick, one for the snare, and two overheads working as a stereo pair. this will only do for demos though. I agree to DI (direct input) the bass and mic the guitars cab. I would use a 57 for the guitar cabs, they have a slight presence lift which brings out the guitar nicely. 58 for vocals is fine, and also if you wanna record any acoustic. remember though, they are CHEAP mics but will do fine for this level. the 57 is near standard for snares so you're cool with that.

good luck, if you have any more q's, pleaase ask.. i am a qualified sound engineer

edit: and try not to record vocals with effects.. put them on in the mix if you need to. you dont want to record a perfect vocal and then find out the reverb is too high on it. trust me.