I've been getting into recording lately, and have for the most part been running my guitar straight into the computer. The results have been less than pleasing. The sound quality is alright, but what really gets me is the latency. I've been told that an audio interface could fix this. So, any suggestions?

The only real factor is money. I won't pay more than $80 dollars for it. If it's slightly more than that amount then feel free to recommend it, as my local music store has really great prices.

So far I've had my eye on this: http://line6.com/podstudiogx/

Is it any good?
I say for the money line 6 makes good products we have a pod pro at the studio i work in and it works pretty good for an amp modeler. as long as you have recording software you should be in good shape if you go with the product you want
it has 2 inputs and 2 outputs i believe for the money its decent plus it comes with bundled software i think