do you mean to run a recorded sound out of the interface, through the effect(s) and back in? That's probably going to be a low impedance, line level (and possibly balanced). Most guitar effects are expecting a high impedance, instrument (low) level, unbalanced signal like what would be coming from a guitar, but some are flexible in that regard (except they're probably all unbalanced).
So it's kind of a crapshoot - I don't think there's much risk of damaging anything (but...) - if you can, read the manual - some of my effects straight up say they won't work at line level.