I'm trying to start recording my songs and I'm not too sure about it all, I think I have an Idea of what to do.

Guitar > Wah > Amp > Shure 57 infront of amp > xlr cable > Behringer mixer > left and right phono to stereo jack > line in on my Soundblaster live external soundcard > USB to computer > Audacity or cubase or something like that.

I think that should work and get me good sound quality but will it?
Yea that would work quite well, good luck!
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the limiting thing there looks to be the soundcard. how good of a soundcard is it? as in, is it good for recording, or is it more of a gaming soundcard (cause thats what i remember soundblaster being good for). if the soundcard is good, then that setup should do you very well. if the soundcard isnt as good, then the recordings will probably sound fine but recording multiple tracks might be hard because of latency. should be fine though, i just dont know the soundcard well.