From Guitar Software Effects:
Guitar FX is a cool software that's actually capable of turning your computer into a guitar effects processor. Simply plug your guitar into the microphone or line input of your sound card, and enjoy real-time crazy distortion smoothed by power filters and shaped by multi-band equalizers! Author of GuitarFX offers several presets, including "hard rock", "high gain lead" and "solo" effects. However, you can click through several menus to easily create custom tones. They can be saved as pre-sets for future use. Pre-sets can be assigned to "hot keys" F1..F12. Among the effects, you can apply 4 types of distortion, noise gate, wah-wah, compressor, EQ, flanger, reverb, chorus, delay and a number of other filters and effects. You can save your recordings to your hard drive.