Catmeow

Hi, I found an old POD 2.0 and have registered it. I'm currently on a desktop Windows PC with Audacity music software. I do have an M-Audio Profire 610 piece of equipment. I'm guessing I'll be hooking up the POD to the M-Audio for recording purposes. Has anyone done this before with a POD hooked up to M-Audio? Am I limited by whatever the POD effects are? Or are there any free guitar effects that can be downloaded from somewhere? Audacity is fairly limited on those. Thanks for any suggestions.