I was wondering if there was a pedal that drops the octave of a guitar so it sounds like a bass. Is there a such thing? If so, are they worth it, do they actually make the guitar sound like a bass, or is it a waste of money? Any recommendations?
O.J. will kill you
there are sub-octave pedals (but most of the time you find octave-up pedals), like the POG, and the Boss OC3. They do not, however, make your guitar sound like a bass, that would require a guitar synth.
There are tons.
Digitech whammy can drop 1 or 2 octaves and go up 2 as well.

I couldn't recommend anything since i've never had one :/
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the OC-3 and the whammy can do a convincing bass sound, but they can't multitrack for ****. I havent tried a pog yet but i believe it can multitrack better.
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digitech RP series have that kind of thing pre-programmed into them..
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The Digitech Whammy Pedal can do that. If you want an idea of how it sounds listen to the intro of Seven Nation Army by the White Stripes.
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Thanks for the answers guys! I really just need a pedal that gives a convincing bass sound. Do you think that if I used one of those pedals (Whammy and OC-3 are looking pretty good right now, though most likely OC-3 as it's quite a bit cheaper), it would at least adequately resemble a bass?

I want to buy a bass (mostly just for playing around on) but I'm way short on money at the moment, so yeah, I figure this is the next best thing.
O.J. will kill you
Quote by Highwaytohell
umm... what? a digitech whammy will run you buy 200... thats enough for a cheap bass!

can a bass octave up or whammy ur current guitar? and can u switch guitars and the press of a button? nope :-P haha. i concur with the digitech whammy idea. my friend has one and it is totally worth the price, it can do so much. google it.
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Quote by Woogles
Digitech whammy can drop 1 or 2 octaves and go up 2 as well.

It can also drop 3 octaves, and create harmonies. I'm thinking of getting one soon.
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None of those give a "convincing" bass sound, they sound a lot like a guitar an octive lower... not a bass, there is a noticable difference in timbre. Nothing wrong with a guitar an octive lower sound, but if you want to sound like a real bass you probably have to have a real bass or a good bass synth. Of course most bass synths aren't "convinving" either.