I have mics hooked up to Ableton for my drums. I want to apply effects to the channels via Ableton and monitor while I play in real time. I have very low latency, but a friend of mine who is an audio wizard said he thinks my effects are clipping the audio. (The audio only clips once I apply effects)
I don't really know how to use Ableton so, be gentle.
I am using the effects in, Audio Effects / EQ Eight / Drums /, if that helps.