My file needs some serious work

I have a bit of an issue, if anyone would be kind enough to give me some pointers. I have an old recording from my band, a song we recorded on a rather low quality sound recorder, and i imported the WAV to my computer. I want to fix this song up and make it sound halfway decent, but I’m not entirely sure what functions on Audacity to use for going about that. The biggest issues are the the drums and bass far overpower the guitar and vocals, and that there’s an ungodly amount of static accompanying the drumline. I’ve tried noise removal for the static but couldn’t get that to work, so what other methods could I use to solve those problems?

You can reduce the amount of bass (low frequencies) and boost the mid range (middle frequencies) using the Equalizer (in the effects menu).

Nothing you can do about that - during the recording something has become seriously overloaded and caused severe distortion and is not repairable.