For the past year or so I've been recording all of my band's rehearsals with my Pro Tools system. We are a five-piece band (drums, bass, two guitars, and vocals) and rehearse in my basement, so it's very easy to leave things set up.

Mics and Direct Inputs
Our vocalist runs through a tube preamp and one output goes to her powered speakers while the other is fed right into my Pro Tools system. The guitar amps and drums are are miked up, and we take a line out right off of the bass amp. The microphones are run into an assortment of preamps through Apogee converters and right into Pro Tools.

Templates Make Recording Easy
I have a template set up with things like EQs, compressors, and reverbs, so when it comes time to listen back and mix I can basically hit "play" and everything sounds just the way I want it to, perhaps with a few minor volume adjustments and occasionally a different reverb to suit the song.

Demo-ready Mixes
I initially started doing this so we could listen back to our rehearsals to hear what we needed to work on, as well as have recordings of our original songs to refer back to, but the recordings have sounded good enough that we've wound up using them for demos to give to clubs as well as posting them on our MySpace page. We even take a 003 Rack with a laptop and an 8-channel preamp/converter to track our live shows, and the templates we have set up are a great starting point for mixing those recordings as well.