Yes, you are correct. The guitarist from linkin park layers about 6-10 tracks of the same guitar part, and then pans them mostly hard left and hard right. The hard part is that with so many guitar tracks you have to be VERY tight with your guitar playing or it will just get really muddy. I've tried it before. It's a bitch to get right. You have to play and record each track separately. Just doubling the same guitar track and delaying it doesn't work nearly as well. Some other tricks you can try are completely retuning your guitar for each track, playing the same part on different places on the neck, using different amps or guitars for each track, and hiding clean tracks underneath the distorted guitar. I know that the guitarist from linkin park will also layer some tracks of straight octaves behind the full power chords. All of this can help to give you that thick guitar sound that you want. Remember that a good guitar sound starts with a decent tube amp and proper mic placement. A pod can work well for some of the layered stuff, but a good tube amp is almost a necessity for the guitar sound that you're going for. Lots of compression is usually used as well.
For starters try this:
panned hard left:
Track1: miced distorted guitar - power chords
track 2: miced distorted guitar - octaves
panned hard right:
Track 3: miced distorted guitar - same power chords played in different position
Track 4: line in clean - power chords in original postion
I've tried it this way before and it sounded very nice IMHO.