[co9ol]

I wouldn't mic drums with any less then 3 mic's (two overheads and one kick(maybe a nice XY on the overheads?)) I'd say that's your very very minimum setup. Bass could easily be di and that SM57 will do quite nicely on your guitar amps. Then SM58 on vocals.
Just don't use the SM58 on the kick drum!

If you want to record a whole album under that budget I'd suggest buying your own stuff. But something like an ep or just a few songs I'd suggest going to a studio. A studio knows what they're doing and have the equipment so it'll probably sound better than doing it your self