I've tried it before using a A/B Box the signal looks like this:
Guitar -> A/B (or any DI box with two outputs) -> Output 1 POD and Output 2 Direct.
Then set the POD to its own track and the DI to its own track. The result is one POD effected track and one dry DI track. I've never actually used the Dry track, but for some reason I still feel I want to have it around in case I need it.