im thinking about getting a line6 pod x3 live factory b-stock is the usb capable to record without too much latency or would it only be useful as a virtual amp/multi effects pedal?
what kind of recording programs are best aswell?
I think you're looking at the right kind of Hardware, although i dont think the mic input on the line6 pod x3 live has it's own phantom power, so for acoustic recordings/vox/powering a condenser mic you're gonna need to get an external phantom power box and some XLR cables, will set u back about $50-$80.
The usb should be fine latency-wise, most interfaces come with direct monitoring now too so you get zero-latency when overdubbing, you're always going to get some latency with usb, but I don't think it will be enough to trouble you. (I use an Edirol UA-25EX with my mobile laptop studio which is usb and it works just fine for me)
I have heard that it's not really the sort of hardware to use 'Live' and better for the intermediate guitarist looking to hone their sound in the home studio/practice. If you can, the best thing to do is find a local dealer in your area and go and try one out, you can't beat actually having a fiddle about with things to know if they're for you or not:)
Recording program-wise there are a plethora to chose from, I'd be surprised if it didn't come bundled with some Lite versions of programs, often Line 6 stuff comes with a lite version of Ableton Live, that would be good enough to get you started.
You could also try Cubase, Acid Pro, Cakewalk SONAR, Ableton Live, etc etc... the list goes on an on
I would suggest starting out in Cubase, or Acid as these are quite user-friendly programs.
I'm sure other people will disagree, but you just have to try the various DAWs and find which one works best for you.
hope that helps a little:)