Do what we used to do in the days of 4 Track Cassette Recorders. One Mic on the vocal, one mic on the guitar cabinet, one on the bass amp cabinet and one overhead for the drums. You can get a demo out of this, however to do a full recording, you'll need to consider expanding your setup to a larger interface with more Mic-Pre's or a Mixer such as the StudioLive 1602, or one of the StudioLive AR series mixers.
Additional options to use the 44VSL to do it all in one take, you can use an external Mic Mixer to say combine all the mics from the drum kit, however you will end up summing the outputs to one input on the 44VSL. If you're trying to record individual tracks per mic this won't be an option. Unless you do multiple takes.
The other method would be to do one take with 4 instruments mic'ed. Then do another take with mics on the other musicians and so on for however many musicians you have. Each time have the recorded parts play back through the monitor so the other musicians can listen while you record their parts. This is multi-tracking at it's finest. It will be a test of your musicianship of how well each person can play their parts perfectly on each take.
