redguitars
heres how i do it.
i use an external fx unit i kept from when i
onced owned a large studio rig.
the problem with inserting fx the way you want to do it is..
it can cause increased load on a pc.
the caveat being it depends how resource intensive the plug in is.

if you want the "mojo".
another way i do it is to lay down fast a ruff vocal trak.
then add some pg echo to it .
i dupe the ruff trak to a free trak n hard print some
pg echo fx to it or reverb on the dupe trak.
then balance the dry trak versus wet.
so i can have some fx mojo while laying down
my real final voc trak.
this way i keep resource useage down in a busy mix
on say a run of the mill pc.
now if ya got one of the new i7 processors ,
they are so powerfull its a different story.
an i7 will run lotsa real time plug ins.
but where folks go wrong is running lots of real time fx on some old
clunker pc.
whats the processor in your pc ?? n ram level ??

a note..
what youll typically find often and its a psychological thing ..
the first voc trak is the hardest cos one has no voc reference.
so its best to lay down a voc guide ruff trak first,
then youll find (at least i do) that haveing that as a guide
helps with the final voc tracs.

heres a trik.
if you find you have a likkle trouble keeping your vocs in tune.
record a throwaway audio trak from a synth that mimics your
vocal notes prior to recording your vocs.
sometimes this helps.

retired puter engr....powertracks on amd......NICE !
"what is the black art of audio engineering ?"
my silly songs...motagator.com/bmanning
see my tips in the tips section.