If I were doing it, I'd throw Melda's free EQ on each track. It has a built in Analyzer so you have a visual helper with the frequencies.
I'd cut all the frequencies below the low C on the bass with a High Pass Filter.
Then I'd do the same with the guitar and keep cutting the lows until it sat good in the mix with the bass and guitar solo'd.
How I do it is, I start with the lowest instrument and work my way up just to get a rough starting point. I get the Bass guitar and Kick drum to sit good together when solo'd, then I add in the rhythm guitars to the solo'd group and adjust like I described above, and so on.
That's just a basic starting point where I would start. Not sure if it's what the big boys do, but that's how I do it.