I'm not sure how that would be done unless you are using a full feature DAW that lets you do that. I know I can do this in Sonar to monitor my guitar if I use a guitar VST but.... the latency is often killer. That is the primary reason I have rarely used a guitar VST.

I've recorded in some noisy environments.... my last studio in my old house had lawnmowers and weed wackers running, trucks on the road, kids playing, and trains rolling through town..... not to mention TV downstairs.... and it never presented much of an issue to me that I had to consider using VSTs and FX in real time to monitor the feed.

You can find my music at:
www.herbhartley.com
Add nothing that adds nothing to the music.
You can make excuses or you can make progress but not both.

The magic you are looking for is in the work you are avoiding.