pwarren,

This applies to ASIO only in Real Band;

In the Aud set up, check the box 'Allow Input monitoring - ASIO only'

On the track you want to record on, select the input device as 'Input Monitoring' (at the bottom of the drop-down list).

Then in slot 1, apply the VST of choice. This will NOT get added to the dry recorded track... it's just for monitoring an effect while tracking.

Doing this from memory but I do this all the time when recording guitar tracks onto RealBand tracks.