..with the new generation of "palm" digital recorders. They're inexpensive; you can dump the data to computer, if need be; some have programmable drum and/or bass tracks, in addition to having four tracks for laying down guitars, vocals, keyboards, what-have-you; and, they make darn good quality recordings.
Here are a few:
[*]
ZOOM PS04[*]
Korg PXR4[*]
BOSS BR532
Just a thought, Bruce; however, if these aren't sufficient for your immediate recording needs, all of these same companies (and others, of course, like Tascam, Fostex, et al.) have very nice intermediate 4-, 8-, and 12-track digital recorders in the $400 - $800 price range from most music stores.
Holla atcha,
Joel