Using Plug-ins Effects During Recordings ? Options

[breakaleg]

hello,
here's my set up:
pb 15'', logic xpress, m-audio fastrack.
when i record my bass into logic i can only put some effects AFTER i layed down the track.
is there a way to assign insert effects to a track as i'm recording ? the ones that came
with the fastrack are lousy. as the soundcard itself by the way. don't buy it. barely any
signal coming out of it. gotta buy a preamp to boost it (is there one in logic i can use?).
do all portable soundcard need a preamp?