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PatchMix for the Emu 1010 does exactly what you're asking, but the effects themselves are hardware-based.
I guess it's possible to do with software but extremely impractical. On the 1010, the software is just an interface to effects that are actually executed on the mixer after the signal goes onto the bus (though this process is transparent to the user). Realistically, what you're talking about is something you'd need a mixer for, whether it's a standalone mixer or a PCI/firewire card.
I can envision only two ways of doing this without a hardware mixer:
- Write an NT system service that hosts the VSTs, a software front-end to interface with the service, and a custom WDM/DirectSound/ASIO driver that routes its audio through the service before sending it to another driver (i.e. the one for your sound card).
- Get yourself an extra cheap soundcard, with no bells and whistles, connect a short audio cable from the line out of your primary soundcard to the line in of the secondary one, and use some lightweight host like MiniHost or AudioMulch to process the audio before sending it directly to the audio out of your secondary card.
I've been in software development for a long time but writing a DirectSound driver doesn't sound like the most appealing undertaking. Even if someone were to do it, it would probably be horribly inefficient. You're better off using the second approach.
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