Can I plug this bad boy right into my Peavey 2x12 Combo? Its an old combo from the 70s.
For sure

Those things are VERY underrated too, I always thought they sounded 10x's better then the POD's.
how does the v-amp plug into the amp. my amp has line out, Power amp In, and Preamp out jacks in the back. or does the v-amp run like an effect? guitar -> v-amp -> amp?
I think you can use your peavey as a power amp and the v-amp as the pre. If you have an effects loop you can use the effects on your v-amp and not the cabinet simulations,
My Gear
Fender Strat ('97American Lonestar HSS)
Ibanez RGTHRG1
B-52 AT100
Marshall1960A Cab
Marshall 1960B Cab