PART 1:I just got a bit of $$ and i might get a whammy pedal.
I kinda have no idea what they do but all i know is Tom Morello uses one in the solo of 'Killing in the name'
What do they do? Do they sound similart to a trem bar or do they just mix the sound with a higher one?
How much would a decent one cost?
My guitar doesnt have a trem on it and i kinda want trem lol.

My guitars tuning pegs are rubbish. My g string goes out of tune ver very easily. What i am thinking of is getting locking tuners. How much would a set cost and are they worth it?

Please put links for both parts thanks
Legend LP
Nylon Acoustic
Legend 10D Amp
Korg AX3G

Whammy pedals change the pitch of the note you play. the current digitech whammy out costs about $200. That's about all the help I can give. but I'm sure there are videos on youtube explaining how they work.
Keeping it real since '92
A whammy pedal changes pitch by doing +/- 2 octaves, harmonizes, divebombs and other things. They don't sound like a whammy/trem arm at all. Good machine heads are always a good investment.
Schecter C-1 Elite
Gretsch 5120
Fender Ultra-Chorus Amp
More than likely your tuning woes are caused by some combination of a ****ty bridge, ****ty neck, ****ty nut, or ****ty set-up job. Chances are, especially if it's only one string that's real bad, it's NOT your tuners.

As for whammy pedals, well, your reason for getting one is crap. total crap, but whatever.
they are basically pedals that imitate vibrato. I don't know of any really good quality ones, and they seem pretty useless to me, owing not only to the fact that i have a tremolo bridge, but also that they just don't sound like something I'd use after the first day I bought it.
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That should help you out on part 1. But I cant really help you out on part 2
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ok the whammy pedal doesnt sound like something i will get until i get a guitar with FR
Legend LP
Nylon Acoustic
Legend 10D Amp
Korg AX3G

Whammy pedals take the 2 signals from your guitar, and then force them to merge in the middle, when you turn the whammy on that is, and then the octave settings etc change the pitch of which the whammy changes the signal from, then the foot pedal just dives it up and down via witchcraft. :p