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Hip Hop vocals on the cheap

So I'm brand new to recording and I don't have much recording stuff yet. Since I'm the kind of person who likes to know what they're going to do in advance I've spent several hours yesterday researching my options. That plus I'd like to make the switch to free software for reasons of price and ideology. And I'm getting a new (or used) computer with recording in mind.

Need live multitrack on the cheap.

I already have an original 01V with 8 channel ADAT out.

We need to record some live tracks from our shows... I was shown the MOTU 8Pre at a local music store and I'm considering buying it.

From what I understand, I can use the 8 channels of ADAT and add a few more channels via the analog pre's, and grab the tracks via firewire in Audacity or some other program.

Cheap set-up help

First, I am a complete newbie as far as recording. I just want something extremly cheap to play around with. I am a hobbiest musician, and just want something to make a record to hand out to friends. I don't need anything incredible, just a mixer and a mic or two, and the some kind of recording software.

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