Alot of my gear was stolen years ago so all I have is a 15watt Line6 SpiderIII amp,Audix i5 mic, small interface, and Ableton Live 8 which I barely know how to use. Just got the mic yesterday. My question is, would a newb at this way of recording be able to get some decent sound out of this set-up? I can really play the geetar but when it comes to tone and whatnot, I dont know too much. I'd hate spend a ton of time just to realize I cant do much with this gear.

On a side note, I was also wondering if my PC could handle studio work. With the small amount of work ive done with it, I have experienced latency issues, but have been able to get around it(but have not done much). I would eventually like to use Guitar Rig VST and maybe add keyboards, drums, etc... I have an AMD Athlon II 2.7gz CPU w/ 3 gb ram. I want to get more RAM, but dont want to purchase if my processor ist going to get the job done.

Any tips on getting this small home studio going would be very much appreciated. Also, would it really benefit me to get a 2nd mic? or will the i5 alone get the job done?
That PC is fine, yeah. I've done 24-track recording and mixdowns on an old Athlon X2 running at 2ghz and it performed like a champ.

I'd use guitar amp sims for now - Guitar Rig is fun but there are plenty of cheap or completely free ones that are better in my opinion.

The i5 is a killer mic for guitar amps, but the Spider II is pretty crappy so i doubt you'll get great results that way.

Remember, the rule in recording is 'if it sounds good, it is good'. Experiment away.
The first thing you can do is throw out every expectation of having a record that sounds like a "Professional Recording" when you've got budget gear. I know there are some great recordings done on budget gear but for every amazing sounding home recording, there are 300 terrible sounding ones. Just get something that sounds good to your ears

As far as your PC, I'd upgrade the ram, especially if you plan on using a lot of virtual instruments. I recommend at least 4gb if not 8gb
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Ya I used to use Guitar Rig 3, and ive gotten some killer sounds from it, and it works great standalone. Using as a VST however, it had latency issues. I couldnt record to other tracks playing because of the latency so thats why I decided to experiment with micing. I guess I can always reformat my PC again.

So you say there are free VST plugins better than Guitar Rig? Can you name a few? And I know my amp sucks, but it was free. Id never buy a line 6 myself lol
"The first thing you can do is throw out every expectation of having a record that sounds like a "Professional Recording" when you've got budget gear."

Don't worry, I don't have high expectations. Just want some recordings where people are like, "damn, thats some pretty good shit" lol. Just decent clear sounding recordings with multiple instruments. In the future I can always have them professionally done
Flip through the first few chapters of the Ableton manual, it's written in very plain English (or whatever language you speak naturally!). They explain everything in human terms. You'll get SO MUCH out of that manual, it isn't funny. You should either have it on your computer from the install, or you can download the pdf from their site for free. That alone will give you a very strong start with what you have at your disposal.

In addition to what has already been said, throw out the idea that your musicianship will improve with better gear. The only thing that will improve the quality of your records is TIME. Loads of it. Spend as much time as you can recording session after session, and after you've done 5-10 sessions and find yourself unimpressed with one of your earlier ones, go back and re-do it from scratch with the new knowledge you've picked up along the way. Lather, rise, repeat.
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