I think that with a bit of work you can already do something similar, as the Virus is capable of processing external audio - it would require sending the signal from the daw to the Virus input and back again into the daw; I never did it, but I'm pretty sure it's possible although, not knowing your daw or your soundcard your mileage may vary. For example, I don't use Cubase but if I'm right it doesn't support VSTi inputs yet - in this case you'd need to route the sound you want to process to auxiliary outs through the Virus analogue inputs, like it was a traditional S/R effects unit.
if u can really do what ur sayin that would be great if it worked.i dont think it would though sadly.i use logic but wouldnt have a clue how to do this