so im gonna start recording some band demos with an presonus inspire 1394 interface and an sm57 mic. the thing i wanna ask is that, would a mixer be recommended for a better sound?

and if it is, how would the whole set up work, the interface, computer, mixer, mic, etc.

Well, do you have the Presonus already? If you aren't recording more than two tracks at once, there's no need for a mixer. It's better to skip having a mixer (unless it's a sweet Firewire one like the M Audio NRV10 or Mackie Onyx with the optional card) and just have a straightforward interface since they can separate each and every signal so you can really mix well.
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Recording Guitar Amps 101
yeah i just received it today from guitarcenter.com . and i'm probably going to uh whats that called "multitrack" i think? where i'll like do one at time (vocals, bass, guitar) and then mix it at the end. and then probably add some drum loops that i can find online.

so i wouldn't need a mixer? like a cheap one, say this one http://www.guitarcenter.com/Behringer-XENYX-802-Mixer-103845053-i1153499.gc
Yea for sure there is no reason for a mixer unless u have 3+ guitars or maybe like 10+ mikes but its a personal preferance some people believe that they like the sound of voices coming out a mixer than straight out of a speaker but that seems redundant to me but w.e