I record the video with a camera and the audio through my Shure SM57 straight into Pro Tools with the drums in the background. After I get the guitars, I do the same with the bass except DI and use Line 6 POD Farm for bass amps.
Then I mix, master, and bounce to disk. Once I got an audio file of the performance, I take all the separate video clips and import them to Adobe Premiere Pro where I lay them out on the screen and sync them up.
Finally, I import the audio, sync it up, make any necessary cuts and add transitions, if needed, and then create a video file. It's sort of a long process but turns out pretty cool