No.
Given your 600 dollar budget, your best minimum setup is the following:
-
Computer
$0 (since you obviously already have one)
-
Music recording program
$0 (Audacity is free, but extremely limiting)
-
Audio interface
$199 for this
M-audio Fast Track Pro
This interface will plug into your computer via USB and allow you to record directly into Audacity. It features two mic/line inputs with pre-amps and phantom power. This will allow you to record two mics simultaneously, which will come in handy when recording L/R channel for drums, assuming you're not going to mic every drum piece (in which case, you'd need a mixer and a lot more mics).
-
3 microphones
One dynamic and two condensers.
Dynamic:
Shure SM57
$99 - Use this to mic your guitar amp, bass amp, and if you have a screamer, don't ever let him have a condenser. If you don't have a screamer and you're not planning on miking your amps and you'd rather go direct... You don't need this microphone.
Condensers (times two):
[These are going to need phantom power from your interface.]
You should go for quality over price with this. You're going to need two condensers for L/R overheads on the drums. I'd get two nice condensers because you're going to use one of them when tracking your vocals. So you're making a better investment. It's never a good investment, however, if you buy crap gear. ESPECIALLY with microphones.
$79x2 -
MXL Dual Capsule condenser
- Three microphone cables, and beer.
And that, my friend, will do the job.
With that setup, you can record in two different ways.
-You can go for the live feel and set both condensers up in the room and record the jam, OR, you can record each instrument separately, and have control over each individual instrument when it's recorded in your program.
The latter option, however, will require that you have a pair of sealed headphones. Reason being, is that when person A records his parts, person B needs to hear them while recording his, so on and so forth. I probably didn't need to add that, but you never know.
So..
The choice is yours. That's a pretty flexible setup. You can always upgrade in the future with a better recording program (Cakewalk Sonar ftw.) and you'll most likely upgrade to an audio interface with more inputs in the future, but that's all fine and do-able. What I've suggested is a low budget, bare minimum to get any kind of good quality recording.