Ok. This is the equipment that I am probably going to be getting. I want to be capable of recording 8 tracks at a time.

MIXER - Soundcraft FX8 (Phantom power, 8 direct outs)

SOUND CARD - Terratec Phase 88 OR Audiotrak MAYA 1010

PROGRAM - Adobe Audition 1.5 (Cool Edit Pro 2.0)

MONITORS - KRK RP5 Rokit Powered

Mics - Shure SM57(all around), 2 Samson C02 Pencil Condensers(OHs, Acoustic Instruments, etc..), MXL V63M Condenser Mic with Shockmount (Vocals), 4 Shure PG56s (Toms), AKG D112 (Kick Drum Mic)

Rack Gear - dbx 266XL Compressor

Now, does anyone have any suggestions to what I am getting or any suggestions on anything else that I need. Especially rack gear or a DI Box? Thanks everyone!