I don't record myself because i don't have a band at the moment, but i record my cousin’s band. The way we do it is, mic up the drums and put the guitar through a Vamp and record those together. Then when we are happy with the drums, we'll scrap the Vamp track and mic up his guitar. I used to use amp modelling a lot for guitars, but now i prefer the sound of a real amp. I use a Bass V-Amp for the actual bass though, because they don't have a very good amp. For software, i use Tracktion 3 (thanks to GregP for recommending Tracktion in the first place) and hardware i use a FocusRite 8 channel preamp into 2 Delta 1010s into my PC.