I only use distortion for metal rythm-sounds and I use my tube-amps distortion for that (except for silent practice or direct recording where I use my VAmp Pro). btw: you need less distortion than you probably think. its the standard "newbie"-mistake (and I was guilty of doing it too for a long time

). with a bit less gain your sound often gets a lot clearer and more heavy in the end because your playing doesnt get lost in the mud (especially when playing in a band)
on solos, it depends on what sound I'm going for. my "standard" solo-sound is pretty much the same as my rythm sound with more lower mids, bit more gain and volume and some reverb, maybe a little echo. I use more reverb and echo for that "hauting" sound in some slower, melodic solos.
I dont really know what a "
realtime-wah-pedal" is.... I know "normal" wah-pedals and auto-wahs.
the normal wah-pedal is actually a real pedal that you have to move with you foot to make the wah-effect. this means you can influence the effect a lot.
auto-wah is an effect that basically does the same, but reacts to your picking. when you hit a note it wil go "wah" but you dont have much influence on the effect.
wah-pedals are used mainly for solos buy some guitarrists: Michael Amott IIRC, Kirk Hammet (quite a lot) or Peter from Vader.
do you know Rage Against the Machine? you may not like the music, but you can hear some heavy wah-action there (try the song "bulls on parade" for example)
as far as cheap multi-fx goes, I think you should try a Behringer VAmp 2 or Pro. its a modelling preamp. that means it simulates different amps and effects. there are better sounding units out there, but not for the same price. the POD XT and Boss GT-8 get much praise but are more expensive. dunno what your budget is
those are preamps so you can use them for silent playing through headphones, direct recording or for playing "loud" over eiter a PA (or just an active monitor for that matter) or a poweramp and cabinet