Do you have a Mac or a PC.  I use a program for Mac called Soundflower that allows you to create your own audio paths within your computer's preferences.  So, potentially, I could have my audio software using one, and my computer's sound preference using another path.

Wouldn't even know how. lol.
I'm just going to be running the audio out from the PA into my lappy.

yeah that should work fine as long as you are not using ASIO or something

One last element to this. I typically livestream my sets for the out-of-towners and under-agers. Do you think it will be possible for me to get audio to both the livestream and audacity at the same time? Again, if this is a stupid question, I'm sorry. haha Recording is not something I've done much of.

@Krubbz Not at all!
@KT - Sounds perfect. What was the going price?

Yes, that's what I meant.  Sorry for the confusion.

I'm certain that's what he meant. For now you'll be just fine relying on your audience talk mic to catch crowd noise and acoustics. My wife arranged for my whole family to pitch in for my birthday this year and get me this:

It's awesome because I can record stereo audio through the internal mics, plus a stereo line signal to four separate channels simultaneously - it is GODDAMN perfect for this, because I can mix all the audio down as I please later on.

Those mics look like they would get the job done no problem! And that case is too rad.
How would I got about recording directly to an external drive? I'm sure that is a terribly stupid question, but hey, you don't learn if you don't ask right?

edit: Unless you mean assign an external drive for Audacity's output? That I was going to do anyway.

Ok, well then what you mentioned would probably be easiest.  Do you use a mic to address the crowd or anything?  Or does the club have one up to announce acts or anything?  It's just that, if you don't have a single mic, people won't really be able to hear that the set is live.  It'll sound like a studio recording.  Unless it's just the set in general that people want.

If you're going to be doing more live recordings in the future, and you don't have a whole lot of money to spend (like me) maybe you could pick up a pair of these.
http://www.12gaugemicrophones.com/green12.html
They're very inexpensive for condenser mics, and they sound pretty good on a room.  They're cardioid, so you could place them in the same location pointed about 90° apart, or you could space them apart.  Whichever sounds better. 
*EDIT* Not to mention they look pretty badass.

Also, I would strongly suggest recording directly to an external drive.  It'll tax your laptop less, and, for a long recording, it's essential that nothing go wrong.

@Kinetic Yeah I usually use a mic for introduction/hype
@Krubbz Like I said before (regarding mics) i dont have much in the way of equipment. Since my mixer took a dive last month I am just using a little 4 channel in-line mixer. I would love to be able to mic the room, but wont be able to this time.

What do you use for equipment?  Do you us FX?  Does your mixer have sub groups or any unused aux sends?  Do you have any unused Mic channels and any mics (preferably condenser) you could use to Mic the room?

+1

Yeah that pretty much does it. Are you all DI, or do you usually have a microphone onstage too? Having some kind of mic in the mix gives the recording more of a "live" feel if you aren't playing instruments.

Oh make sure you leave plenty of headroom so you don't clip the input on your laptop.

Aha! Well then. Thank you sir.

That should work fine