Hang old sheets and blankets over the walls to reduce sound reflections. If appropriate and possible, glue egg cartons to your walls. The peaked surface of the egg tray absorbs sound reflections and creates a "dead" sound in the room. This results in a marginally better quality recording.
Download a free audio production program, such as Audacity or Wavepad. Visit the download site for your preferred program and click the "Download" link next to the relevant operating system you'll be using. The program will automatically download. These programs lack the complexity and sound-quality of programs such as Pro Tools or Logic, but they provide an adequate level of functionality for home-recording.
Microphones designed for desktop use with USB connectivity, such as the the Samson "Go Mic" are of adequate quality to capture the range of sound created by drums. As of May 2011 this product costs $49.
Audition your drum kit. Have your drummer play the kit as loud as possible. Observe the gain meter on the software interface. If it flashes red, the signal is too loud. Mitigate this by moving the drums and computer as far away from each other as possible. If there isn't enough room to get sufficient distance, put an improvised baffle between the drums and the computer. For example, position a mattress in front of the drums. If this doesn't work, the drummer will need to temper his playing.
Connect a pair of headphones to a digital metronome. This prevents the sound of the click from spilling onto the recording. The digital metronome acts as a tempo reference and prevents the drummer from slipping out of time. This makes drum editing much easier. Press the up and down arrows to increase the tempo, or key in the exact beats per minute, or "BPM" if you know the precise tempo. If you are unsure of tempo, start at 120 BPM, have the drummer play along and adjust form there.
While the drummer is playing, don't make any sound. In the a pro studio, this isn't an issue as the control room is sound-proof. But since you and your band mates will be in the same room as the drummer, everyone should turn off cell phones, remove jewellery and if they are notorious "foot-tappers" they need to take off their shoes. Although the drums are loud, you are likely to be nearer to the computer. The microphone may pick up your movement and this could ruin an otherwise excellent take.