Today, Craig and I got together and took all day to produce one track, a cover of a Dylan song.
Craig played rhythm guitar (an orange Tele with a mini humbucker), lead guitar (my Agile LP copy on the bridge pickup) both through his Acoustic Image amp, and bass (my Douglas violin bass) recorded direct with adjustments through the Bass Professor II plugin. He also did the vocal. I played drums and was the recording engineer.
We think it sounds pretty good. It is almost a professional track, by our very suspect standards.