Is There a way...

[panoramical]

Hi,
I have an M-Audio Fast Track USB Sound Card for my computer, so at the moment what I am doing is plugging it in, then recording my guitar by putting it through the Fast Track and then into Cool Edit Pro.
I was wondering if there was a program out there that acted as an Effects Pedal for guitar. At the moment all that happens is that my guitar comes through my speakers with no effects or anything. Is there a program that would change the guitar sound through the Fast Track and put an effect on it as I play the guitar - kind of like an effects pedal?
Thanks

 

[Halion]

Native Instruments Guitar rig is a good choice. It's an amp modeler and also has many effects. It costs, though. You won't find many for free.