Sometime very shortly after inducting Queen into the Rock and Roll Hall of Fame on March 19th 2001 Dave and Taylor recorded a rough version of 'All My Life' in his basement studio. Speaking to VH1 in 2002 after the eventual release of 'One By One' Taylor had this to say when asked about the history of the song - "Dave just had a riff. We jammed it out a couple of times, and then he said 'Well, let me change it here, here is the other part'. We came up with that rhythm interplay thing in the middle and basically put that together in like an hour and then recorded it really quickly. It stayed pretty close to how we came up to it right then".
Grohl also explained how he wrote the lyrics to the song - "I didn't know what the hell I was gonna sing over it, because it's not the most melodic riff. I thought 'How am I gonna turn that into a song? What's the chorus'? The arrangement is very unconventional. I always procrastinate with the lyrics, so it just happened the night before I sang it. Even after I recorded it the first time, we looked at each other like, 'Does that work'? We thought, Well let's keep it for now and if we need to change it and it just stuck".
It's unknown if they recorded any other songs at this point in time and it's also not clear if Chris or Nate were involved in the demo recording although from their wording above it seems likely only Grohl and Hawkins recorded this early demo.