I've got one for christmas and I cant get the Line6 Monkey to work, It just says theres nothing connected, even though the green light on the top is on and im getting sound out of it.
1) you need to plug the speakers into one of the analogue outs rather than your soundcard (not sure if you are silly enough to fall for this, but i spent 15 minutes uninstalling and reinstalling in vain attampts to get any sound out).
2) I opened audacity, but gave up sharpish and installed Live lite and it worked fine but first go into Options>preferences>audio tab>driver type, then select ASIO. the help presentations are OK but not great.