So me and a few buddies are wanting to make an acoustic album of some of our stuff. We have all of the stuff that we need to record and we've been experimenting a little bit. The only problem we have is making it sound good. Any ideas on how to make recording sound professional?
That is such a HUGE question. In order of importance (and a lot of this is debatable), I would say the best recordings consist of:

-great performance
-great instrument
-knowledge/skill of engineer
-great mic
-great preamp
-great monitors for mixing (so sadly and so often overlooked)
-great room
-great A/D conversion

Notice that great software isn't even on the list yet? Notice, too, that it comes down first to the performance and knowing how to capture it?

So my first piece of advice, assuming that you have #1+2 in place, is to work on number three. Consider your recording setup as learning a whole new instrument. Expect to invest years in improving and getting your chops up, just like you would with guitar, or trombone, or anything else. Practice, practice, practice.

Get the best gear you can and work your way up there too. Invest in your front end (mic and pres) as intelligently and as informedly as you can.

Could I get some more talent in the monitors, please?

I know it sounds crazy, but try to learn to inhale your voice. www.thebelcantotechnique.com

Chris is the king of relating music things to other objects in real life.
Look to see if there are any studios in your area, within a budget. Take an audiophile/someone familiar with technology from your school along, so he can see whether the equipment there is any good. Of course, going this route demands that your equipment, voice, and practice are up to par...or you'll waste time and money. Also, you may want to sacrifice a few licks for consistency.