I discovered this just this morning.

I've had a Digitech AM2036 guitar-to-USB cable for a while now, but haven't found it satisfactory for recording electric guitars direct to PC because of latency issues when listening simultaneously through the PC speakers. The Digitech Bad Monkey has two outs, one for amp and one for mixer. I found that you can run them both at the same time, so that the BM acts as a signal splitter, the mixer out takes the USB adapter and records (to Cool Edit Pro in my case), while the amp out lets me listen to the amplified guitar in real time.

I have a minor inconvenience in that my speakers also run form the USB, so I have to disconnect them for recording, but apart from that it seems to work very well.

The Bad Monkey has a lot going for it, signal splitter and/or tone control and/or OD. I assume other Digitech pedals have the same two-out feature.