To me it sounds like a lot of reverb, bit of delay and a loose trem....
I listened to this with phone plugged into the car audio system, so this wasn't ideal conditions.
if you play it enough like him, just about any kind of vintage gain amp should work. (That ACM tone from a couple weeks ago might be a really fun starting point) At a gig, the effects wouldn't matter as much as the passion in the performance. . Finely tuned reverbs will be washed out by the room acoustics. If you use a delay, make it louder than you think it should be, so it will translate into the full band mix.
Different sections of the solo sound to me like different post-effects applied to the guitar track. There is reverb ( which seems to change parameters at some transitions) a little delay in at least part of it. The solos likely have compression added in the mix, too. In my car, some of the lower notes sound a little like some kind of mild distortion stomp, but that could just be in the YouTube mobile audio track.
If you would like to hear him without the studio effects :
Beth and Joe live on a little stagehttp://www.youtube.com/watch?v=p5wx6iHXcrU
Speaking or guitarists with a great clean/dirty tone, and a nice does of reverb, she has great taste :
Great music Paul, thanks! 
That song is also on the same Rod Stewart album as "Maggie May". I think it was his first solo album- 40 or so years ago.
