if you have a sound blaster Live! card or maybe all the other ones after it (Audigy, etc..) you should be able to add EAX effect in real-time to your recording. I used to do that with my guitar, it was pretty cool
I think you would need to install the creative drivers and control panel stuff. Then you go into environnement audio or something and you'll have a section where you can combine effects togheter (reverb, chorus, distortion, flanger, etc...) You just need to plug-in your microphone and enable outputing the sound from the microphone to your speakers.
if you ever want to record that afterwards, just set your recording source to your speakers.