Garageband effects in Real-Time for guitar

I'm just getting into Garageband on my new MBP and I was playing around with the virtual effects pedals and stuff they have for recording guitar. Is there a way to use these effects in real time, as in without recording and then playing it back to you. Say your playing the guitar, the mic picks it up and you see the track volume bars bouncing, is there a way to output that audio as it hits the mic with the effects in play without recording? So you can hear what it sounds like as your playing.

yeah, just turn the monitor on. How were you hearing your effects before? recording and playing it back?
If it gets laggy just, just hit record and and let it roll for a sec and stop it. make sure you have guitar track selected.

It's also a lot better if you use headphones, prevents feedback so much