Actually, what you really need its a tech/engineer. There are a lot of guys (and they tend to be guys, chicks play keys or bass) who are out playing with someone sitting/standing in the wings like the real wizard of oz manipulating the effects, the send, the attack, the delay, the reverb and all that - it don't matter much, after all, its not like the guy on stage can hear what is being sent into the house.
I use a cheep-O digitech and I love it. I can make my little crate (single 10 inch) and crappy but very pretty Korean guitar sound like shread city if I set it right. I use the first series, and most basic one at that, but they have got a lot better and can do a lot now, I'm thinking something like this, not cheap, but a hella cheeper than a custom instrument by thousands and thousands and thousands of dollars.
http://www.digitech.com/products/Multi-Effects/RP355.phpNow, if you are playing/recording on a Pro level (meaning your hoping to sell lots of tickets or CDs), you want all the real pedals, they have a much faster slew rate (have I lost you yet?) and you will go to SIR (Studio Instrument Rental) and get the real equipment, because a Marshall Stack does not sound like a Fender Twin, but otherwise, the difference is minor in your music room.