It really is a sweet mixer in the M-Audio cards. So many possibilities.
Yes PT can route the seperate inputs to seperate tracks. I do it all the time with the Delta 1010lt. Excellent workhorse of a card.
To hear the realtime effects while recording (if that is what you were asking) enable it by using the checkbox in the audio preferences window (icon of 'a' in a circle). There is a checkbox to 'enable' realtime monitoring of FX and another to enable 'recording' of that signal. So you can hear it and record it dry (usually best choice), or hear it and record the processed signal (stuck with that sound because it was recorded with the audio.
Then when you select a track to record on, change it to audio (stereo or mono) and click the 'edit DX' button below the track number.
In the top box (very top box; above the four FX slots) use the arrows to scroll all the way down to 'input monitor'. Should be the ticket.

Be forewarned; this uses a lot of system resources.


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