SuicideNote said:
Can you monitor your guitar in real time with a VST guitar modeler solution? If so, how do you set that up?
yes you can monitor in real time. there will be some latency. the amount will depend on your setup. i recommend that you grab simulanalog guitar suite and find out how much latency you can expect and see if it puts you off. with a pair of decent closed back phones, i don't really mind the 6ms latency that i get. guitar suite is sonically the equivalent of a few boss distortion pedals and a solid state amp, imo. considering how bad alot of the modelers sound (commercial and free), it holds up pretty good. being free is a bonus. you get 3 distortion stomp boxes, 2 amp models, and a univibe. oh and i've never heard of anyone complain of stability issues with guitar suite, or freeamp.
to get a vst modeler going, extract the .dll files to your vst plugin folder. scan for new effects in your recording app. insert the plug(s) in a track. disable direct monitoring for your sound interface (you don't want to hear the dry and latent wet signal together). place the stomp boxes before the amps. in guitar suite, i like the twin with volume and eq maxed with the tubescreamer or ds-1 in front with gain around 7.5 for my strat. freeamp has one good sound, imo. set the cab to green, the amp to driven, and play around with the amp gain. it ain't a tweed but it's usable. for either of these, i like a little ambient room verb last in the chain to liven things up a bit.
also, if your interface doesn't have a hiz input, you'll need a direct box or other device with a hiz input and a mic or line out.
for your budget, the pod xt is probably the best way to go for a modeler (i haven't tried the tonelab)......assuming there's absolutely no chance you can use a small tube amp. if there's any chance, use a real amp. real amps are much more inspiring than modelers, imo.