Having multiple real time amp simulators is very hard to process for a computer because there is a lot of calculation to do. You should record a track, make a copy of the untreated recording (as a backup) and apply the revalver effect. While applying the effects of the track, sonar will create an audio track already processed that will allow you to run only one revalver at the time.

It is fun to keep the original tracks in case you want to change the sound but at some point you need to commit to the sound you choose and live with it. If it sound good, why keeping a way to change it ;)

Is this Peavey Mk III an actual hard ware unit that you are plugging into before you send it ti a track in Sonar? Or is it a software/vst plug that you insert after the track has been recorded?

If it's a hardware unit, make sure you are coming out of the "mix" output instead of a "dry" output that sends the signal through un-processed.

If it's a plug in, then you need to engage the "track input echo" on the track you are recording in order to hear the effected signal... but, this will also likely give you some latency - of which is determined by your computer's processing power and the audio I/O you are using.

I agree with PC. I would never commit just one sound of a possible re-amp as the only track.

Record it clean, then clone it, and then apply the re-amp processing.

IMHO of course.