I need help setting up a tiny home studio to record demos with. I have $600 to spend.

Current gear

Schecter C-1 Hellraiser
Fender Jazz Bass
Arts and Lutherie Acoustic guitar
Pod XT Live

I use Audacity. I understand that if the Pod XT live is plugged into something, then if that's plugged into the computer, it can get a pretty good sound. I don't know what it is though (Ima Noob), but it would be great if you do.

A really good drum machine would be nice. Something that I can program my own sounds into.

Anything else that will help me record decent demos as well.

wel, you can download beatcraft. and you can buy a m-audio fast track (i think is the name of that, if not i got the reference from here http://www.youtube.com/watch?v=fEZPw4HorRw)

and mics.

im pretty noob at this as well
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The Pod XT Live has USB right? So you can either plug that into your PC directly and use audacity and not your amp or you can play thru Pod and mic your amp with a decent microphone and then plug that into an M-Audio interface box and USB to PC.

oh wait,....you don't have an amp?

and yes Riffs and Recording forum has a ton of this info as mentioned. good luck.