it's all i have, will it work for laying down our stuff and sound pretty good? i figured it could work for the old school raw sound. how should it be positioned? and what should i process it with?

In front of the kit a few feet back. Record some bits, move it around. Compress and EQ to taste once there's guitars and bass on there. Move it around in the room 'til you feel there's a good balance of kick/snare vs. cymbals. Use yer ears. How far it is from the kit will basically be a function of the size of your band's practice room. If I had to guess I'd say it would be below ear level unless it's angled down toward the kit.