If I interpret your question correctly? You are asking if, while you are recording, you want to hear the effects, such as reverb, delay? Steinberg's Wave Lab used to be able to do that. You could actually utilize it as a real-time effects processor if you want to. But since I don't use that software and haven't for a while, not sure if it's still capable in that capacity? But that is utilizing your computer & software as a single effects processor such as a Lexicon PCM 70.

Generally you don't want to put that kind of CPU load onto the computer while you're trying to record. Especially since tweaking your buffers will cause other latency issues and digital glitching.

Still using outboard effects processors.
Ms. Remy Ann David

No, I mean during regular playback I want to create an echo loop efect wherever I wish, i know this can be done with pre-recording.

I'm so sorry your question & description is becoming somewhat of a non sequitur for me?

I create echoes whenever I want to. For whenever I want it on. Whether analog or, digital. Now if you're just playing back something from your timeline and you want to immediately press a button for an echo, you might want ProTools? Because it's so Realtime oriented you have certain functions & options that are not available in other programs.

You know that an " Echo Loop" effect can be done with pre-recording? Do understand that the Echo generation process comes from regeneration? So nothing happens before it happens. But I'll tell my friends on the other planet I live on what you said and see what they had to say about it before you asked since they knew you were going to ask this question before you did. Obviously, you have already received their message since you could not accomplish it. But then I thought you already knew that?

Otherwise, you might want to take that last bit of windowpane?
Ms. Remy Ann David