Hi all!

Sorry if this kinda thing is posted frequently but i am struggling through reading posts and faqs to get my answers.

I would like to start recording some music for my band(punk/soft rock), but i can only do it in my room at home and have a very limited budget (couple hundred quid at the most).

At the moment i have no mic or pre amp for it unfortunately.
I believe that a shure sm57 is about the best cheap allrounder out there? (I think i may struggle buying lots of mics for sdrums and vocals coz of the price).

I have piked up a free e-mu 0404 pci card, and i think this is good to use to record? If not what should i buy?

Can some one help me start out, pre amp/mic to buy, and how to start recording.

p.s as a band we have always prefered to play live and improvise mainly cuz its more fun and sounds better, would it be possible to reocrd like this? if not can you point me to a good faq on what order to record things etc.

Thanks very much!!!!