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Configuration for the band`s practice space

Hello there.

So after a month like of ramblings I found a nice place for my band: semi-basement, grunge style decor and a free piano left from the previous band :) The problem is we need a completely new sound system - everything from mics to speakers. It seems, I could choose the brands - thanks to TB:), but the final configuration of the system is a complete enigma for me. We have one guit, one bass, vox and drums. The room is like 40 square meters, if it helps.
So I have a few ideas:

1) Use our existing combos for our existing instruments.
Pros: it`s free.
Cons:no vocals amplification; the previous band had big speakers that I could literally fit in (they are enourmous:)) and I think they did it for a reason. Don`t know how we could manage it with mere 50watt combos.

2)I can bring my 100 wat amp and a number of speakers. The problem? I don`t know how to run it. Do I need a preamp? Is one of them enough, or do I need a separate thing for each instrument? And I plan on getting a mixer, but those things seem way to expensive here, like 300$ for a 4 port-with-EQ unit.
Pros: the system would be flexible as hell
Cons: I don`t know how to assemble it.

Overall, I`m leaning to the second option, but it kinda scares me:)
Can someone tell any stories of their system? I`m kind lost here and I need to preapare all the work in a week.
Thans in advance :)