Topic: RME Babyface

This may be a dumb question, but:

If you want to use hardware effects, like a compressor, on previously recorded audio, could you play the audio through the output on the Babyface into the compressor and record it with an input on the same Babyface?

Also, what about controlling a modular synth via the ADAT lightpipe output of the Babyface (using Expert Sleepers); could you simultaneously record the synth with an input on the Babyface?

Thank you!