Well MF's stupid deal today is the M-Audio Jamlab.

http://www.musiciansfriend.com/product/MAudio-JamLab-Personal-Guitar-System?sku=241104

I'm looking into stepping up my method of recording my solo bass compositions a bit from just editing together 9-10 raw loops. my hope is that this device allow me to record live looping if i ran the signal something like this

LineOut on amp > JamLab Input > Laptop (running audacity)

So, is it worth my $30....or should i make due till i can afford something better?

Thanks,
-Travis

Your problem will likely be latency with a device such as this.
Latency is a delay from the bus speed of device and computer. In other words, you may experience a delay of a few milliseconds when monitoring what you play through cans. Very distracting and groove killing if you are trying to play to a track. If you are recording your own performance into the computer without having to play to a track, it's probably fine.