Give It Up for Kutiman - Kutiman does phenomenal work with material from Youtube, such as the example above. It's the sort of collaboration that never existed before the internet...
This series of effects produces a gated guitar rhythm triggered by a drum loop.
The guitar output is divided with two chains triggered by the kick drum, one an octave lower and one through a bright reverb. Another chain is triggered by the snare and hi-hat and runs through an Electro Harmonix Ring Thing, using a ring modulator on a delayed signal.
You can hear this set-up in the tune Blue Moon below, along with a few effects added in post-production.
Blue Moon by bassling