According to this link, Audacity comes bundled with the iAXE software, which is true, but Audacity doesn’t recognize it at all when the proper drivers are associated with it. If I manually update it with Windows drivers, Audacity recognizes it, but then the other software that came with the guitar no longer recognizes it. I have looked everywhere for someone else who has had this problem, but I haven’t found anything about it. Any help would be greatly appreciated.
Even if you can solve the driver problem (unfortunately I can’t help you), I don’t see how it’s possible to use this amp-modeling software along with Audacity unless you’ve got an extra output on your sound card that you aren’t using.
If you’ve got an extra output, you’ll have to set the Amp-modeling software to use Output2 and then run a cable from Output2 → Input1, and set Audacity to use Input1 and Output1. You’ll add a tiny bit of noise to the signal, but it’s probably negligible. Audacity can’t use software inputs unless someone gets JACK running properly in Windows (has anyone done this?).