Have the drummer use headphones and then wrap a thick towel around his head and secure with duct tape.
No, I'm not kidding. I've done this beofre when I've only had one room to use.
Also, if possible stick the guitar and bass amps in different room. Run long mic cables and guitar cords back and forth.
You mentioned you were in a basement. Is this in a house? Use a spare bedroom or something.