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yeah, you could do that but maybe not in an intuitive way. you can record a track (or use a synth/sampler), send it out to your d/a, patch in your outboard processor, and record the output back into record. you may have to adjust a bit for latency.
i'm sure that there are other software packages that would handle this more elegantly. record is beautifully simple and, as a result, keeps the features to a minimum.
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