M4L Routing

I've just started dipping into Max for Live recently, and I had a question:
Is it possible to route audio from one track to another? For example, can I take two separate audio tracks and use cross-convolution to mess with the audio? Do you have to create send~ instances for every source of audio and route them to a recieve~ object in another track, or is there an inlet shortcut for inlet routing between devices? What's best practice on that? I think I read in the forums here that there was latency and routing issues a few years ago, but I'm not sure if that's still a problem.