Ok so I'm getting an electric guitar, and I'm going to get an effect pedal with it. I only need something basic, so don't say "save up and get something better." I'm gonna spend about $50. I know, cheapy cheapy, but I am also buying a new bass amp, an electric guitar, and a fretless acoustic bass in the near future, so I'm not willing to spend much money on other crap.

The options are, as the title says, either a Boss DS-1 (Distortion) or a Digitech RP50/RP80 (Multi-effects).
My brother owns the RP50, and my friend owns the RP80, and I have no problem with the quality of the effects they offer. I'm kind of leaning towards the Boss, because I really don't need anything more than distortion, but if you believe the Digitechs are a better deal please let me know that. If you suggest Digitech, I'll probably spend the whopping ten extra dollars for the 80, so keep that in mind.

Get the Boss, cuz the Digitech distortion isn't all it's cracked up to be on those units. The effects ARE really nice though.
Later on, you might also be interested in ordering the Keelymod for the DS1. Do some research on it, because those mods really bring out the best in Boss pedals from what I've heard.
Then there's this band called Slice The Cake...

Bunch of faggots putting random riffs together and calling it "progressive" deathcore.
Stupid name.
Probably picked "for teh lulz"

Mod in UG's Official Gain Whores
Umm... a Peavey Rage 158. Very crappy, but as I said, I have many investments in the near future, so a new amp is out of the question.
well, there are some benefits to a multi-effects pedal. I have one. Lots of stuff in one little package. That Rage would probably take to it OK. I guess if your starting out it is a great way to learn. I would at least get an RP150 tho if you can swing one used or something.

Not sure how a DS-1 pedal would sound on that amp. Maybe an OD pedal would be better, don't know.