Squeak take a good look at the mixcraft 4 program.....it easily handles guitar ro any ionstuyrment plugged into an interface...not to mention all the great sounds 7 loops it has......heres some demo videos...
http://www.youtube.com/watch?v=0DW-qpbqsXM
http://www.youtube.com/watch?v=mIZLzXC2hjc
http://www.youtube.com/watch?v=vT9MuP2QID8
http://www.youtube.com/watch?v=mH4GJgB2CVw