Laptop, guitar recording discussion

[ericbrowning]

Hey there everyone. I've been dabbling in PC recording lately in my free time (college student) and I have some questions, but first, here are my specs. It's a laptop

p3 1400
512 mb ram
40 gig hard drive space
I have full versions of Cool Edit Pro and Fruityloops (love that college discount)

As for the all important sound card, it's something on board, not too terrible but definitely not high quality. The only audio input it has is a Mic In ( as well as several USB ports) I have been doing some recording with *brace for flaming* either my s-series or my 335 through a guitar cable, then a cable that has 1/4 jack on one end and rca on the other, plugged right into the mic in slot......i know i know its pathetic.......

My question, is what's the best option for some cleaner, more toneful recording? I've been looking at possibly a guitarport, that way i could get some modeling, and use the USB port for input instead of that mic in. Or, would say a pod or something, going into the mic in be a better option?
Price is of the utmost concern, seeing as
A) im paying for college (ouch!)
B) its just for kicks, when i am more financially stable i will invest in some quality gear
C) see A

so, an outboard preamp into a mixer with a USB out would be wonderful.......but way out of my price range right now

thanks in advance
-Eric