As far as I can remember (long long time ago) I could NOT do it with my old AWE32.
The soundcard you need has to have full duplex, that's recording and playing back at the same time.
My advice: Say goodbye to your AWE and get a SB Live! at least , costs only a few bucks! It's a good souncard for allround-music-makin, loading soundfonts, using realtime FX and works with everything outthere, guess it's exactly what you need...
If you consider recording more "professionally" there are A/D-Recording cards like the Delta 44, but that's another topic...
Jules