best option is to invest in a line6 toneport

go on line6 website and find the toneport ux1

it has everything you need to record guitars, bass, vocals etc....

around about £70 so $120 or so....

ESP LTD Viper 400 with EMG 81s
Jackson Dinky DXMG with EMG 81/85
Ashdown Fallen Angel 60 DSP
Ashdown Fallen Angel Cab 120W 4X12
Keeley Modded SD-1 Overdrive
Korg DT-10 Tuner
Noise gate (cheap)
EQ (cheap)
^ Yeah, thats what ive done. Got a Toneport GX. Cost me £42

If you wanna hear the quality/tone you can get, check the amon amarth cover in my profile

its easy to use, and you can get a great sound
hi there,i just recently bought a line 6 toneport gx for fifty quid and although i havent made any recordings with it,it is an awesome little piece of kit.you can download tones for it from customtones.com,it has lots of different amps and effects basically like the pod and you can play along with your mp3s.you can also cut out the hum from your guitar with it,i'd recommend it
line 6 toneport is great, listen to my fade to black in my profile (some mistakes but i think the tone is pretty spot on)