Pro Tools?

Question:

Is it possible to playback effects while recording w/ Pro Tools?

I am trying to not use outboard effects processors because the really good ones are the only ones that sound good and I cant afford em. Instead, I was hoping to be able to hear the effects somehow while singing. I use an mbox. Is this even possible? Also, would it be possible with a different pro tools setup(i.e. digi 002/003)? Any ideas would be super helpful. Thanks!

Best Answer - Chosen by Asker:

I have never done that my self, but you should be able to do it. Instead of using outboard gear simply use some of the plugins that come with Pro Tools.