As a guitarist and bassist for 35 years of playing, DON'T connect it to your mic jack unless you want it to sound like crap. You need some kind of interface and a decent sound card to capture audio, and it doesn't hurt to have an audio editing program either. I've said this in a couple other threads, but check out some podcasting packages. The main thing you want to do is connect your guitar through a mixer that can be connected to your computer through a USB2 connection. Then you can use your 1/4 to 1/4 cable you use to connect your axe to your amp to connect it to the mixer.
You should have some audio recording/editing software (maybe SONY's Acid Music Studio?) to really give you some dynamic possibilities. Last time I checked (last year), this program was around $80 at Best Buy, but you might be able to get it free with rebates if you buy Turbo Tax. (Then again, if you're under 18, your parents might be able to do the Turbo Tax thing and pick this software up free with a rebate). It's worth checking into.
