I've always thought that If everyone in the band practices the songs individually as they are on the CD, then you wouldn't need to rehearse *together* that much. As you would only need to make sure there are no kinks.
And that would be the best way to audition new members, instead of just sitting in a room showing them the parts and that being really boring, give them the songs on a cd in advance and let them learn it.
That way, you're just playing the songs when you get together, not sitting around waiting for them to learn the parts there and then.