Title pretty much says it all... I'm currently saving money to put together a new rig, so buying mics and stuff isn't really a priority for me right now.

So... Are there any ways, such as amp placement, amp volume, etc. etc. to make the recording quality of a computer mic any better?
You're probably just going to have to screw around with it yourself. There is no special way to get around the mic's limitations, you're going to have to use it like you would a decent microphone. Be sure the amp is loud, and have the gain down lower than you'd think.

Also, you may want to consider plugging in the guitar directly into your computer and getting some guitar amp emulation software. They sound like garbage, but it could still be a step up from where you are.
Quote by rebelmidget
I do believe you just used Blink 182 and hard rock in the same sentence. It would seem you're rather confused.
I have a quote in my signature! And it makes fun of blink-182! I'm cool now!

[Obligatory link to my band's MySpace]