Compressor (sound/music editing question)

[ThePhil]

Hi everyone! I'm having trouble finding a specific tool. I know there are a zillion software programs out there that can take an existing wav and add compression (or limiting or gating). But do you know of a tool that can do this "live"?

That is, do you know of a program that will take incoming sound data and compress it immediately as with analog compressors, and send the compressed sound to a wav or even through the line-out to an analog recorder? (That is, can I use my PC in place of a stand-alone stereo compressor?)

Can some of the expensive editing programs like Cool Edit Pro or Cubase do this? Or maybe even the free version of Pro Tools?

Thanks for your help,
Phil