Can i make a song out of these instruments that will at least sound decent?

Sure, I've heard lots of songs with nothing but acoustic guitar, so all of those other instruments are like icing on the cake. With your limited setup, you probably wouldn't want to use more than one or two instruments per song. You might want to look around for a cheap or free digital audio program so you can record on your computer. That would allow you to overdub more parts without losing quality.