Anyone here know much about this?

From what I understand you can hook the guitar up via your sound card or a USB port. I bought this electric guitar used and it didn't come with an amp so I was wondering if using a PC would be close to the same thing without as many expenses? Can you just play through your computer or will there be latency issues? What are the benefits and negatives of using this method? Thank you I really appreciate it =).
you need a proper interface and some software. A Line 6 toneport gx is a good option, no latency, comes with decent software (gearbox), and is cheap at ~£30.
Benefits are much better tones than cheap amps, and its quiet (all in headphones).
I would never advise playing it through the soundcard, unless you have a massively upgraded one. It's not built to match the impedance of a guitar pickup.
You'll want an interface (either USB audio or Firewire)

and some amp emulation software


and some damn good speaker monitors, or headphones.

Even then, it wouldn't truly replace an amp, and for all the cost you'd probably be better off getting a solid state combo and using that. But the above is a great way to easily record yourself playing, customise your tone from presets of loads of amps and save it all into your computer.
If Guitar Center still has them they were blowing out the JamVox for $70-$75. It's a nice little guitar interface with speakers and some software that make storing FX very easy. The software also has some drum tracks and allows you to keep track of backing tracks and handles recording.

It's not the best guitar interface, but it's a great integrated system that is good for practice.

Thank you for the responses =). Can I just buy a 1/4 inch converter to USB and get the software for these guitar amp simulators (amplitude, Guitar Rig, Overloud TH2, Podfarm, etc) or do I have to purchase specific hardware?