There are two check boxes in the Audio Preferences area, one to enable real time effects
One to monitor those real time effects

Then you need to go to the track you are recording on and select IM monitoring as the source. It's the top most drop down in the effects window for the track. Scroll allllll the way to the bottom to select Input Monitor as the input for the track in order to record what you hear.


I do not work here, but the benefits are still awesome
Make your sound your own!