I don't know Sonar - maybe someone who does can pipe in.
I use Logic - hopefully the concepts are similar. The most straightforward way to do it is to use a stock plugin called "I/O" - I select an output [or pair of outputs] that I'm *not* using for anything else, and an input [pair] that I'm also not using - then Logic sends the track to the output (which I have connected to my outboard unit(s), and accepts the signal coming back from the unit(s) on the specified inputs. The plugin has latency correction that accounts for the latency that's introduced by the process, and you can set the input and output gain to compensate if necessary.
Is there something like that in Sonar?
KingOfPain's right - it does involve a new D/A - A/D conversion, so if you have bad converters, you have to consider that you're degrading quality. It's also kind of a pain in the ass, because of the extra cables and stuff.
But if your converters are decent, and you can't get what you need from a software plugin (and you can get it from outboard hardware), then why not? I have a song that bounced through outboard EQ and a compressor, and I've been unable to completely replicate the effect with plugins, even though the outboard gear was fairly low end. Not to say the outboard-bounce was unambiguously better - just different.