Ability to separate the audio wave lengths for live settings

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I was thinking out loud the other day about how it would be really cool if I could set the channels on a second monitor much like a VST to watch the wave length as it progresses in a live setting.
It would help in performance to be able to see multiple channel's wave lengths as they progress to watch for break downs and other aspects in a mixing live.
If there is a VST that would allow that I would be more than happy to get some information on how to obtain this ability!!

Thanks for your time