Basically what I'm asking is if I could replace an effects chain with my computer. This way I'd have the guitar plugged into the computer and the computer plugged into the amp with the signal going from the guitar through the computer, which then puts the effect on it, and sends it to the amp to be amplified in a live setting. Is this possible and how would I go about doing it if so?
You could do it with Guitar Rig, POD Farm etc. Just make sure you have a reliable, fast enough laptop so that it's not going to crap out mid set.

Realistically you could use a Line 6 Toneport UX2 (or something similar, that's just what I personally use.) as your interface, which connects via USB and phantom power to you laptop, and connect your poweramp/cab or whatever to it too, then you're more or less good to go. Plug your foot pedal into the back of it if you need to switch patches and stuff.

That would be doing it fairly cheaply, adjust various things as your budget will allow.
Ibanez RGA7
Ibanez RG2550E
Guitar Rig 5
Roland Cube 30X
Fruity Loops 9
Last edited by Riggy at Dec 3, 2011,
for live stuff, i'd bypass the internal sound card completely with an external USB or firewire device, and use software like amplitube that has hardware to interface with it on the floor.

really though, i'd prefer to use a stand alone multi effects like the Line 6 stompbox emulator thing instead. i don't like relying on a computer live, i don't like trying to touch a mouse when i am playing live.
punk isn't dead, it's always smelled that way.

"A perfection of means, and confusion of aims, seems to be our main problem."
Yeah, I don't really want to use my computer live either, especially since I really don't trust this laptop because it has had some problems. I know it is good enough t handle it but I'm not wanting to count on it in the long term. I'm planning on getting some effects or a multi-effect sometime in the near-future but have to have a go at this for the moment. Thanks for the help! If anybody else has any advice, tips, or tricks feel free to give your input.