Okay, so ive been using Audacity for the past few months to basically record and keep ideas on riffs i have documented. I use a guitar hero mic to record, since i'm only 16 and dont have much of a budget lol. I Use a Schecter Omen 7 guitar, with the factory schecter pickups that sound Okay. I Record using my amp, A Vox Valvetronix AD15VT. I have pretty good settings on the amp and it almost sounds as good as id like. I was wanting to know, What factors are most important when recording, seeing as that im going to be getting A Damien with EMG Pickups, i like the way EMG's sound with my amp, better than the pickups i currently have. Id also like to know what type of microphone would be recommended for the job, I play a range of things, from blues, to guthrie govan style jazz, to metal. I mainly want to record the heavier things though. And i'd like suggestions on a new type of recording software, Audacity gives me this crappy lag when i record, making it impossible to record things. Seeing as i like to sometimes just throw down a good chord progression in one track, then record over it and solo. When i do that, the notes seem off time, its pretty discouraging Lol. ALSO. I plan on getting a 60 watt blackstar amp, Would that be too big for recording uses? Any advice would help. Thanks.
EVERYTHING matters. You seem to only be focused on the source sound (your playing), but there are so many other variables to consider. Paramount is the quality of your converters, preamps, even down to how your studio is wired. If your audio cables are close to your power cables you'll get ground problems.

A better mic is a starting point.
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The first thing you need for a good recording is a good audio interface to convert analog signal into digital. Then for the microphone a good sm57 will do the job!
sounds like you need an audio interface. Most computers stock soundcards are not really effective or designed with recording in mind and take a lot of processing power from your computer when playing back and recording. You need an interface with an ASIO driver.

the driver becomes your soundcard and will lessen the load on your cpu. The problem you're having is due to latency, an audio interface with ASIO driver would clear that up for basic recording like your talking about. Anything more demanding would depend on your computer specs, things like multiple tracks, effects etc. generally require a dual or quad core, system with a high ram 4-8 GB, and even the transfer speed of your hard drive is important when doing serious processing of audio.

If your amp has an audio out of some sort this would also eliminate the need for a microphone, as you can go direct into the computer for recording. You can get some interfaces pretty cheap for basic models, just be sure they have a built in asio driver
first thing first. get a new daw (digital audio workstation). audacity is more of a sound editor rather that recording program. i would recommend reaper by cockos. it is pretty much the standard for freeware- very similar to protools. it can be downloaded and used for free but do the right thing and make a donation if you like it. for a microphone buy a sure sm57, that is pretty much a no brainer. it is all you need for guitars. for your latency problem you will need to buy a microphone interface with a usb connection so you can benefit from ASIO drivers that eliminate latency (no more lag). check out focusrite or motu for quality products.
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Thank you guys, This has given me a starting point on what i should do. I appreciate it!