Question

I'd like to use my AudioBox USB device to add guitar effects (like using a pedal) when playing in real-time and want to know if this is possible to do?

Answer 1

I would have to say yes AND no. The OP didn't mention recording. What he said was "when playing in real time".
I use a laptop and interface with VST plugins as an fx processor live in real time...all the time. I also record at the same time. What you cannot do in that situation is directly record those effects. BUT you can later apply those same fx in mixdown.....so really then...I'd have to say yes.

Answer 2

No, The Audiobox is an interface, you would need to have outboard efx to do that, besides, what if you don't like the EFX? Or you get a new plugin you like... but you have recorded it WITH another effect...The EFX are drag and drop, so you should know that it ALWAYS best to get the very BEST source material, and add the EQ and efx later.

As said, if you REALLY need to have efx when you play, have an amp with all the goodies hooked up as a monitor device. That way you can add efx, and EQ and if you don't like them you can easily UNDO, and be back to ground zero.