Well, I mean with much control over the performance. Those software packages must do something like running the MIDI data through a softsynth like a Roland Virtual Sound Canvas and capture the resulting sound stream as a WAV. The resulting WAV will probably sound very mechanical and not very interesting. If you want to play "real" MIDI instruments like outboard synths and samplers and want to treat them with effects like any other
instrument, and you want to have full control over this process and want it to sound fantastic, there's really no alternative other than to route the outputs into the computer and record them to audio.