I was at the music store the other day and they have this cool looking "effect processor." It has a bunch of little pedals on it (like 10) and a big wah-looking pedal on the side. Just from reading the display, the basic idea I got was that I could program different effects to the different pedals (chorus, distortion, flange -- whatever) and tweak the settings (so the one I set to distortion could make my guitar fuzzy or it could turn it into a screaming death metal machine) and then the wah pedal could be set to wah, or volume or tremolo or something.

So do I have the basic idea of this thing, or what? If I'm right, then these look pretty cool! Any recommendations, or at least what can I expect to pay for a good one?

(One had a loop station included, which is something I've been drooling over for a while (play my rhythm part, then solo over it? Kickass!))
sounds like you're talking about the POD xt Live, if you want it and have the cash, go for it
Jackson DKMG Dinky (EMG 81/85)
Ibanez GIO (i put a Dimbucker in the bridge)
Crate GT65 (65 watts) to be upgraded soon, suggestions welcome (must be tubed)
Floor Pod (for sale)
What's this thing do? It makes you think you are getting a zillion wonderful pedals in one box, when in reality you are getting sterile digital sound you will grow to hate within six months. Buy some good analog stomp boxes.