Sorry for confusing you guys. My first option is to find a way to have VST fx playing over the music while running my mp3 players like Mediamonkey. I simply want to have the playlist running and be able to trigger reverbs, delays e.t.c whenever I want.
Now, I have tried to get help from Reaper and other DAW's forums but no one can figure out how to have Mediamonkey play the music through or inside the DAW so I can apply the VST fx which is being hosted in the DAW. What is confusing everyone who have tried to help is how to use Mediamonkkey's Asio or Wasapi Outputs options to link it to a DAW or other utility which hosts the VST's.
Yes it sounds simple to say like Mediamonkey Asio Out-VAC-DAW input but it hasn't worked out so something is missing it seems in that configuration idea.
Sounds like a pretty straightforward audio route - it's worth noting (and sorry if this sounds condescending at all, I don't know your knowledge level) there's a few overhead issues related with using VACs, generally making sure that all the sample-rates/channels/bit-depths/etc match on all of your software, I've found this to be a real nightmare. Also I've noticed in the last few years of recommending the VAC software, although not free, found
HERE, and people were Googling the name and finding
THIS almost useless software full of bugs.
I've never used mediamonkey but just downloaded it and routed from MM to VAC cable 1, in Reaper use cable 1 as input and cable 2 as output, then in OBS use "audio input capture" cable 2, and you can either use windows to "listen to device" or OBS's audio monitoring (windows might be a tad bit faster plus audio won't cut out if OBS crashes), then apply Reaper's VST effects, it's a great DAW so there's loads of effects to choose from.
Regardless it seems the major issue is that you want to listen back to the VST'ed audio in realtime. If you just have your headphones as the output in MM and then apply VST effects over the top directly in OBS you won't be able to actually hear the effect, just the recording/stream output, so that's out of the question unless you just skip Reaper and still use a VAC MM and OBS (from MM to VAC cable 1, then use that as an input in OBS, apply VST and monitor) - there's lots of possibilities here.
Let me know if you need more info :)