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Bass Effects Software for live playing

Wanted to get some players opinions about what would be a good bass effects software to use on my laptop while playing live. I've got a bad ass Dell Precision laptop with 12gigs of RAM and an M-Audio interface. I've heard there are USB pedal boards too that you can also use live but I just haven't seen anything real prominent like an industry standard or anything for bass. Seen plenty for ProTools stuff but not real interested in that and I thought that was primarily recording anyway. I just want a good solid effects software for bass that isn't going to cost me an arm and a leg.
Thanks for anyones input.
 
I'm new to the whole daw thing so forgive my ignorance in my questions. But what I am wanting to do is to setup my windows 7 64bit Dell precision 6400 laptop as a bass effects processor to be used live. I have an m-audio USB interface but that's it. I am wanting people's opinions on what software to use and possibly any additional hardware. I am really wanting to get back into using effects for my playing and really don't want to go out and re-buy a bunch of pedals or drop $500+ on a rack unit. I figure I have this laptop (3.5GHz 2xdual core processors (4 cores), 12gigs of Ram and 10k mirrored drives) that I really don't use much so why don't I make this a dedicated multi effects system for my rig? I don't really want to do recording with it just use it to run effects for my bass. Any one got any ideas?
Thanks