Takes a while to be able to really hear an understand what another guitarist is playing - it's all about having a well trained ear. The faster you can play the faster you can distinguish the notes someone else is playing. This might help http://www.hitsquad.com/smm/programs/AmazingSlowDowner/

You can play the track and slow it down to whatevre speed you want without affectng the pitch. Handy if you are trying to work out a solo. The more you practice and pay attention to the techniques used on the c's you listen to the easier it will be come to work out other guitarists works.