This one's the most vague specification. You need to do a 3-5 minute recording (one song I had to play the drums for was only 2:15, so we had to do a short improvisation at the end to make it long enough) using 8-12 tracks (though a lot of people used 15+ tracks), and the marks are awarded for it sounding good (balanced dynamics, no distortion or background noise or fizzing or anything else that doesn't belong on a professional studio recording). That's it.
The rest of the limits are only what song you can choose, as restrained by your teachers. My teachers wouldn't allow anything overly complicated as no-one can be bothered to learn anything too complex (so no Tool, or Dream Theatre, or Rush) and you can't polish a turd, so if you get a bad performance from doing a hard song, you're screwed.
In that sense,
Macy's Day Parade by Green Day managed to fit perfectly, and my teacher actually commented on it as being the perfect song for this recording, due to its wide variety of instruments (though I couldn't get any strings in like the original has ;_
and its simplicity and repetitiveness (when we did the original drums, we listened to just the drums playing the same beat for three minutes to check for errors whilst taking the piss out of Tré Cool; we also did the same thing for the electric guitar part, head banging away whilst air guitaring to our recording of it).
