OK let me set up the scene really quick-like. I'm in my basement with two friends. We just recorded a couple songs onto a cassette recorder. The first song was just off the cuff and the solo's so complicated we will never get that right again, so we will worry about the last two. The tapes are old and worn. The computer mic isn't USB and the wire casing is snapped in two places, therefore very limp. Minimal outlets.

What I do now?
Go out and buy a nice 4-track casette recorder if that'll suit your needs. Or if you wanna spend some moeny buy a recording interface for your computer and get a software sequencer to record digitally. You'll also need some microphones with XLR cables, y'know, the real ones. Get a couple shure SM57's, they're great for micing guitar amps, drums, and they don't do a bad job for vocals either.
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Id go with the Interface and some Shure Sm57's as Muphin mentioned. ull only need one outlet, and thats for the comp/laptop because the mic plugs into the interface and the interface into the comp
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do exactly as the other guys said, but it may be a little costly, get a nice interface, but the mics as i said may be costly.

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