Audacity giving problem with Guitar’s USB link cable

I wanted to record the music I create using guitar. I wanted to connect my electric guitar to my PC so that I can directly record the music using Audacity and the process it. For this purpose I purchased a new USB cable to create the connection. Along with the wire came a CD which had a manual for installation of drivers in PC, Guitar Rig 2.2.1 setup and ASIO drivers. After installing all this, I tried to record sound from guitar, but it failed. Windows showed a message saying ‘Windows cannot access the specified device, path or file. You may not have the appropriate permissions to access the item.’? Can someone help me solving this problem? Also I wanted to ask, what is this Guitar Rig which came in the CD of USB cable?

Guitar Rig is software used for processing and adapting the sound signals generated by Electric and Bass Guitar and store it in the PC. It is developed by Native Instruments. It uses technique of amplifier modeling to allow real-time digital signal processing in standalone as well as in studio environments. It is best used with RigKontrol which is foot operated USB and MIDI controller. It comes with tools for audio control.

Guitar Rig is an environment modular system. It provides connectivity for multiple amplifiers, effect pedals and other such instruments. The software is also useful in realistic simulation of devices like microphones, preamplifiers and cabinets. It allows configuration and modification of these devices according to user’s choice.

Regarding your problem of USB cable not functioning properly, you can check if the USB codec is recognized in Audacity's "Recording Device" list in the Audio I/O tab of Preferences. If it is not present then your PC is not recognizing your guitar. You can restart your computer, unplug the USB cord. Now after the PC starts, plug the USB cable again and then the guitar. See if it works now. If it still doesn’t work, try the same with different USB cable to see if the problem doesn’t lie with USB cable.

As you said in your question, the CD that came along with the USB cable had drivers for ASIO. Audacity cannot function with ASIO drivers on PC with Windows installed on it. It is because of some licensing issue. If you have installed the Guitar Rig on your PC, then you can see from its Audio + Midi Settings that ASIO driver aren’t installed. You can try switching to other drivers that work along with it.