If you're looking for a lo-fi sound, don't buy one of the machines I mentioned as they kick the ass of every CD

. I don't to lo fi mate. I can tell you it's pretty hard to make a lo-fi 4-track recording. I'd make a proper 4-track recording and then play it back trough some cheap radio or telephone or whatever gives you the lo-fi sound you're looking for, then re-record it. If you don't necessarily need stereo, you can just plug your mic into your laptop/pc's microphone input. It's not going to sound very good, but that was your idea in the first place