Oct 21, 2006 09:58 pm Welcome to HRC.
The acoustic guitar can be recorded with a mic or even a pair of mics. One approx. arond the 12th fret pointing slightly towards the sound hole the other approx. 10 to 15 inches straight out from the sound hole. They can be moved around to suit depending on the room you are redcording in. There are many variables that will alter the placement of the mics for the best sound. You can also record it direct if it has an onboard pre, but when I do so I will always combine at least one mic input along with it to give a much fuller sound.
As for the electric, well that really depends again on the sound you are looking for. the fender Hotrod deluxe is and excelant amp to record with if the room is good to record in. Simply mic it up and go. Mic placement again is going to depend on the room itself. But try starting with something along the lines of a Shure SM57 slightly off center pointing toward the center of the speaker cone and keep it near the grill of the amp. I use both a Live 6 POD xt and the Toneport UX-2 for recording all my guitars. I havent use d live amp in years. You may find the POD sounds run through the Hot rod sound really good. Keep the Hot Rod set pretty flat tone wise and also keep the gain down and use the POD to get your distortion sounds whether mild or wild.
Others here have other techniques they use as well and will probably chime in soon.