how many members do you have in your band and what instruments?
what mics do you use?what amplifiers,etc?

Four members, two guitars, two vocals, bass, drums. We have one shure mic and a few ok ones that we have to use for drums. Fender stage 112 amp and an old bass amp. Can't remember what it is cos we haven't seen it in ages. We have been putting the bass through the bass bin of our kam sound system.

I would say grab a few of those sure sm 58s for vox and instruments, a nice drum mic set, a nice preamp with at least 8 xlr ins (firepod) and a good DAW (sonar, logic, etc...).
Make sure you have good rooms to record in and some good monitors.
Oh, and dont be one of those bands that just tries to 'jam it out' use a click track for gods sake! Unless you dont care about quality....

I'd be more than happy to help you guys produce too, let me know..

We are really serious about geting everything as good as we possibly can. The only problem is we don't have much money to spend. When we get together again we will figure out how much we can afford to spend. Thanks very much for your help. When we get the first song done, I will upload it and I would be very grateful for any opinions.