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if your mixer has an FX send/return, then you can hook up your mixer to computer and send/recieve the signal. you will probably have latency issues... how much, depends on how much horsepower your computer has, and configuration.
i'm clueless as to what software you can use, or if there's a stand alone FX software available. you can probably work something out w/ableton... i don't see why not, it can act as a vst host, can't it?
just grab a couple of freebe vst's, and see what happens...
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