1 x Broken Mic.
2 x Guitars.
1 x Bass
1 x Drums
Add 4 people.
Write some songs with 2 parts. (The shorter the better, it makes learning them easier)
Rehearse a few times (No more than 2 hours a time)
Record via yr mate with a 4 track.
Put out stuff on various formats.
All you need is a tape to tape deck, access to a photocopier and basic photoshop skills.