Boss, not Line6, makes an effect that does a fairly good job at reproducing an acoustic guitar sound from an electric, but it's still not quite there.
Oh, and guitar effects aren't goin to get you as good a sound as the real thing, but if you don't want to get stuck with the expenses incurred with the real thing, the Pod and V-Amp are the best things to use, especially if you live in an apartment and want to record something at 3 am. Some software also has built-in amp simulation.