[LAU] recording my new band

Hey all, so i'm in a band now, and our first jam session was AWESOME. Fantastic stuff. I'm keen on recording our next jam and wondered how i should do it. 4 band members, Instruments are: Vocals 2 female, one male and one other guy who might sing. Acoustic Rhythm guitar Acoustic Lead guitar and a drummer playing tambourine and bongos and a stomp box kick drum :) I have an echo gina 3g, one condenser mic and one cheap crappy dynamic mic. So far i'm just using the condenser. If everyone is in the same room is it worth while micing everyone? My gina takes in ADAT, should I buy an ADAT 8X mic preamp and a few mics? Would it be better just to have a couple of mics randomly about the room? Would you get wacky phase effects? It would be great to get a good stereo mix easily. We can record one instrument at a time and multi track fine with ardour at the moment, i just mostly want a good way to capture our jam sessions so we can listen how it sounds. If mics is the answer what should i grab? Cheap is fine. Thanks! Loki