In that price range, I would look at the Lexicon Omega Desktop Recording Studio. It is $300 and you can record up 4 channels simultaneously. I have a similar unit from Protools but this unit didn't exist when I bought mine. There are several reviews and lots of ratings on the MF site: http://www.musiciansfriend.com/srs7/fg=102/g=rec/search/detail/base_pid/245505/

I have never seen or used this system but I have a Lexicon reverb and a delay from them and they make the best effects processors you can buy so I assume they wouldn't put their name on it if it were garbage.

If your budget were bigger, I would recommend a Mackie Onyx board with a firewire interface. That would record each channel onto your computer digitally. The Onyx preamps rival the quality of those on my Allen & Heath board--which cost 6 times as much. http://www.musiciansfriend.com/srs7/fg=102/g=rec/search/detail/base_pid/634267/c_lv=1/

If you want a really bangin' recording, make sure you get someone to master it. That will take something that sounds like a home studio recording and make it sound like what you hear on the radio. I think discmakers.com will send you a free demo cd of what their mastering labs can do.

Good luck and make sure you post a link of some of the songs you record so we can hear them!