Adding Effects...PLEASE HELP!

[emojoe]

Ok...this is something that I still don't understand...how do you add effects to an already recorded dry track with an outboard effects unit, such as the TC Electronic M-ONE?

More specifically...I have linked my TC Electronic M-ONE to my Soundblaster Live Platinum via the S/PDIF I/O. I record using Cool Edit Pro 1.2. I record one instrument at a time (since I'm a solo artist), using the TC Electronic M-ONE as my A/D and D/A converters, and then I send the signal to my computer via the S/PDIF I/O connection. I like this setup because I have my right and left balanced inputs at 24-bit, 128x oversampling, and I'm sending my signal digitally so I avoid extraneous noise (although the SBLive!'s S/PDIF I/O are supposedly only 20-bit and it only records at 16-bit, oh well).

I like to record my tracks dry, bypassing both effects engines on the TC Electronic M-ONE. After recording these dry tracks, I would then like to add effects onto my dry tracks using the TC Electronic M-ONE, but I am clueless how to do this. I don't have a mixer for obvious reasons (don't need one, as I'm only recording one track at a time), so I am without AUX send/returns. What do those things do anyway? Do I need a mixer just for those AUX send/returns?

Ok, so here's the nitty-gritty of my question:

I have these newly-recorded dry tracks sitting there in Cool Edit Pro 1.2, begging for effects from my TC Electronic M-ONE, which is linked via S/PDIF I/O to my SBLive! How on earth do I get those effects onto those dry tracks!? Do I send the dry tracks back through the TC Electronic M-ONE via the S/PDIF in and then send the now effect-ed track back out to my SBLive! via the S/PDIF out, where I record the now effect-ed track as a new track?

I've done this before, but when I do it, two things always happen. 1.)The TC Electronic M-ONE often overloads when its digital input setting is any higher than -10dBU, and 2.)when I send the newly effect-ed track back into Cool Edit Pro (which I am now recording on a new track), the new, effect-ed track I'm recording records at a considerably lower volume than the original track, and then I have to normalize the new, effect-ed track which adds unwanted noise. I don't get it! HOW ON EARTH DO I ADD EFFECTS TO MY RECORDED DRY TRACKS (especially without destroying my original sound quality)!?

Please help!

Love,
Joe Bonomo