here's what i do, this might work for you:
i have a hardware reverb unit and a mixer, and my soundcard only has Left & Right inputs. so i run the mic into a channel on the mixer and send it to the reverb on an FX send. then i bring that FX send back into the mixer on another channel. i pan the dry mic hard Left, and the reverbed mic hard Right. Then in CoolEdit I record each channel on a separate track. that way I have both wet and dry versions I can pick and choose between, or blend, or even decide to scrap the reverb later and apply a different reverb to the dry vocal track in CoolEdit.
As for monitoring while recording, sometimes hearing yourself dry on the left and wet on the right can be annoying, so hopefully your monitoring system has a "mono" switch you can hit.