I use a Digitech RP50 multi-effects processor. The range of effects available from this single device is truly amazing. It has 80 presets available with just about any sound you need. Overdrive, delay, chorus, flanging, tremolo, vibrato, wah-wah, reverb, compression, noise gate, octive multiplier, and more. Highly recommended.
To bring your guitar, bass, and vocals into the computer, you need an audio interface with USB connection. I use a Line6 Toneport. It also has built in effects like the RP50, and has an online database of settings you can download. Want to have the same sound as Eric Clapton's guitar lead solos on Layla, just punch in the Artist or song into the search engine, and you can download the setup settings. Truly amazing....