As Flash goes, I've seen worse. There's no
mystery meat navigation or anything like that. On the other hand, I saw nothing at that site which would
require Flash. Although my opinions aren't as strong as tikki's, I'll agree with the general advice: put together some nice graphics, and play with CSS and XHTML. If you don't want to wrap your brain around the "guts" of a Web page just yet, I recommend you download a copy of Macromedia's
Dreamweaver Web editor. I think it's the best pointy-clicky Web site editor available, and it will continue to be useful as you learn markup.
Flash is hard to get the hang of, so tell the band that they don't get any unless they want to buy you a copy of Flash and pay for your classes
Update: Now that I look at all of the Linuxy stuff spattered across your avatar and sig, I'll adjust my advice: go fire up VIM, learn XHTML and CSS, and be tough. None of that sissy WYWIWYG stuff for you!
Update 2: (Man, I need more coffee). Regarding payment. Decide for yourself whether you are interested in doing this site out of the goodness of your heart, to build a portfolio and skillset. If you think you have the professional skills, then charge accordingly. Give them an estimate based on a high guess of how much time it would take you to assemble graphics and come up with a good design. Don't sell yourself short. If you charge $100 and it takes you all of your spare time for a week, then you are ripping yourself off.
If this is your first site for somebody else, I'd personally recommend you do this as a portfolio builder. They can always come back to you when both of you are rich and famous masters of the craft, and then you can build them something for money.