a very cheap alternative to something that might sound good. tell you what.. run down to radioshack (or whatever you have in AUS) and by a 1/4" to 1/8" adaptor for $3 USD (maybe like $4.50-ish in AUD) and run a guitar into the line in on your computer, download something free like audacity, or kristal, and run your set-up as such:

Guitar ---> effects pedals or amp ---> line in on your computer

VOILA! you just achieved a sound probably of about equal sound quality spending less than $5... you can use the other $195 to buy something more useful for recording, like an inexpensive sound card/audio interface... then your quality will definately be better!