It can't be done. Well it can but it means you will need to mix down to another medium. Like another computer or a tape deck or hard drive recorder. The usb mixer is a mixer only. You need a control surface. As far as effects are concerned, you won't be able to make use of the M1 unless you mix to tape or other as pointed before. You will have to make use of the effects bundled with PTLE. Most of them are quite good. They should be plenty good enough. Watch the included video. Learn the routing. That is the most important part. If you do your routing correctly, you should be able to minimize the stress on your cpu. What you need to create are auxiliary sends and returns. . That way you can send multiple tracks to a single effect like reverb. You generally want those types of effects to be uniform anyway.