As mentioned before it really depends on how far you would like to take this.
A sound board is probably your first line of business. Again depending on how much you want to record will depend on how many channels you will need. Basically 1 channel per microphone and instrument. I use a Mackie 20 channel and it pretty much serves all of the needs I have ever had plus it comes with on board sound effects which can be fun to play with (reverb, phaser, etc). (4 vocals, electric guitar, acoustic guitar, bass guitar, key board, saxaphone, sound effects loops (ipod), and 6 channels for drums (kick, snare, tombs, floor tomb, R & L symbols - of coarse all of this requires more mics and more stands.)
Microphones: SM57 is a good mic for instruments but for recording vocals you will want to use the SM58 it has a fuller richer sound.
Guitars: 2 routes you can take here. The idea is to get the sound into the sound board so that you can control the levels of all of your instruments on the recording. Using a guitar amp is a great way to go. A good tube amp (I would stick with a tube amp - great sound in some of the older higher quality amps) is going to be very expensive (also you will want to make sure the amp has a line out jack so that you can plug it into the sound board if it doesn't then you have to mic the amp and that can be tricky with feedback and noise bleed through from other instruments. A cheaper and easier way you can go to get started is using a Direct Input box (DI box). For this all you need is the box a 1/4" instrument cable and an XLR cable (mic cable).
Keyboards: You will need DI boxes to plug into the sound board all of these require XLR cables and 1/4" instrument cables.
Drums: Mic-ing drums can be a bit tricky. You will need at least 3 mics. You will definitely want to mic the kick and set the other 2 up as right and left side. (somewhere in the center of the sound - so you can catch the symbols, tombs, snare, etc on each side). The best way to mic a drum set is with a drum mic set and clamps. This allows you to mic each tomb and symbol that gives you the greatest control over what you are end product sounds like on the recording, but more mics more cables, more channels on the board. Also, drums can be one of the biggest challenges as far as volume and bleed through into your mics such as vocals. You will want to come up with a way to dampen or isolate them. Plexiglass drum shields work ok, but far better if you can completely encapsulate the drums and control the sound through your drum mics.
I am assuming that you are going to use the computer for recording so your main output from your sound board will go to the computer. If your musicians need to hear each other you will need some sort of monitor system. (Which will require more cabling.) For recording I would recommend an in ear monitor (headphones) rather than a traditional wedge (basically a speaker on the floor pointed at the musician.) due to the level of sound that can build very quickly leading to feedback problems in small recording spaces. The name of the game here is to keep the volume down as much as possible. The louder it gets the harder it is to control mic volume levels, sound bleed through, and echos. That being said, you will want to do something about controlling echos in the room. Brick is a very hard surface that sound is going to jump off of so like someone said earlier in this post foam is a good route for dampening this down. I would even use heavy thick curtains around all of the walls.
If you have any questions along the way feel free to hit me on my email, but I recommend becoming good friends with your local music store. (Not like Circuit City or Radio Shack, somewhere that specializes in concert and recording audio.)
Hope all of this helps.