Hey guys. I need a recommendation on how to start up my bedroom solo band. I was thinking of buying toontrack ezdrummer 2 and just playing the guitar and bass parts. What's the easiest and cheapest way to record the guitar/bass parts, program the drums and then mix the tracks? Thanks.

what amps/instruments do you already have?

You will need:

Computer - duh.
Audio Interface - any 1-2 channel usb will do, Focusrite has some good stuff.
DAW - Digital Audio Workstation, pretty much your main recording software, like Reaper, Pro-Tools, Logic Pro, etc.
Software - Probably you are thinking about emulating the amps so Amplitube 4 or PositiveGrid Bias can get the job done. If that isn't the case then you will need...
Microphones - If you are not emulating amps you will need at least a SM-57 for miking the guitar cabinet, the Audix D6 is also a good choice for miking cabs. And last but not least.
Patience - Recording and Mixing is an art on itself so it takes some time to get things on point. If this is the first time you are venturing into the world of audio, don't get discouraged if your first mixes sound like utter crap, It's like learning a instrument, it takes time.

As for the cost of everything, SMG has a nice video on what to buy if you are on a budget (https://www.youtube.com/watch?v=s4rmQdc51Eg), Including even drum microphones if you wish to get into live drum recording.

Hope it helps!

Yes. Ebheron already gave you great info/advice but, I suggest staying away from any version of EZDrummer. The sounds have been played/used to death at this point and it's incredibly easy to sound stale or familiar with these VST's, so look around for other drum samplers.

Addictive Drums has some very nice expansion packs (Black Velvet, United Heavy) or even using the default Studio Rock kit will get you very nice drum tones.
Perfect Drums is another good sounding VST that even lets you load in your own samples to replace kit pieces, or to blend them with the default sounds.

Also, if you need help with the mixing, message me and I can try to help out.

Good luck!

Many thanks guys. I have a combo amp at the moment and that's pretty much it. Can't really afford to buy several programs so what's about the bare minimum in software? I'm gonna learn this stuff thoroughly but money is an issue right now as I don't graduate college for a couple of months. If i buy, say, EZDrummer or any other like it, do I need any other software just to run it? Like a base Toontrack interface? Pages aren't really clear on that. You're being very helpful though, I've always been interested in this stuff but never gotten around to it.

you could probably record guitar through the line out on your amp.
There are also some pretty cheap multi-effect pedals that have cab simulators (like the zoom g1on), which will take less time to figure out than fixing the monitoring latency on a software amplifier.
if an interface is out of your budget, you can buy a usb/xlr cable to get a decent signal into your computer.
Reaper is a free to use daw, which I (and many others on this board) have recommended. If you haven't, you definitely should read the threads on the recording/mixing process.
If you want to sequence drums for free, I would recommend LMMS. it's really easy to use, though not compatible with standard vst plugins (from my experience).