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Depends on your sound card. If it supports ASIO Direct Monitoring, then yes, you can do it right in Cubase (you'll need to consult your board's manual/help for the "how to", since it varies from one device to the next).
If not, then go for something like Total Recorder.
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My party schedule:
2009-02-21 - DJ Attention @ I'm So Popular
2009-06-18 - DJ Annoying @ People Need To Know Where I'll Be
2012-11-32 - DJ Insufferable ɸ Or At Least the Stalkers I Complain About
2048-06-66 - Spastic & Whocares ¶ Although I'm Actually Flattered
9999-45-81 - Tweaker Gimp ☼ I Probably Won't Even Go To This But I Have To Make Sure I Fill Up All The Available Space Here
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